18, August 2016

EUR/USD (a 4-hour chart)

General overview

The EUR/USD trend remains bullish as pair is trading above the 61.8 Fibonacci extension (minimum-maximum uptrend 2000-2008), which passes near the level EUR 1.1995. Market is in consolidation mode.

Current situation

Despite the fact that in the general market sentiment got worse- the correction in the stock markets and the US currency gains, today the EURUSD pair is trading steadily at EUR 1.1270, consolidating after yesterday's growth from EUR1.1180 to EUR 1.1323

Trading recommendations

We expect ranged consolidation trade between 1.1195-1.1235, the old resistance area, which now acts as a strong support, and resistance area 1.1300-1.1322 and above.