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Disclaimer: Company does not offer investment advice and the analysis performed does not guarantee results.

August 14, 2019 12:32 pm

EUR/USD Daily Analysis: August 14, 2019

Given the volatility in the markets, the decline of the common currency markets is nothing compared to the volatility across the markets. Risky assets rose after Trump announced postponing the imposition of 10% tariff on Chinese goods. Nonetheless, the euro major pair keeps in range over a week. 

The GDP growth dropped by 0.1% in the second quarter, meeting analysts’ expectations. However, this does affect much the rate. Data from Europe came out softer than anticipated, which resulted in the EUR/USD pair to ease lower. 

It seems that the short-term trading of the EUR/USD pair is headed downward after several attempts on the resistance above. 

Meanwhile, let us take into consideration a reversal candlestick on the weekly chart after a rally last week. This trend keeps purchases on a decline. 

The pair is trading between the 100- and 200-MA on the 4-hour chart. Yet, the range remains strong even if it slightly weakened. A horizontal level is found close to the 100-MA at 1.1155. The horizontal level acted as a resistance before and a slight confluence was formed. 

There is still a strong level around 1.1118, which was tested several times this year. If the pair is able to move lower, this level plays strongly for a decline. Yet, even if there are fundamental news that affects the market, the euro major pair manages to remain in range. Meanwhile, dips can still be bought considering the reversal pattern on the weekly chart. 


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