Bullish Outlook on EURUSD - 18 Aug

18 thg 8, 2023

On the daily timeframe, the pair is currently trading within a bullish channel, forming higher lows and higher highs. Current price movement is trending towards key support zone at 1.0850, which is also the 61.8% Fibonacci retracement level, and could fuel further bullish positions on the pair if price does not break through the support zone and ascending lower channel level. Since the pair experiences a pullback at the previous resistance level 1.1250, movements close to the zone would have to be paired with either a trailing stop loss or partial profit taking to manage exposures to another potential pullback. Beyond this zone, the previous high at 1.1450 coincides with the upper channel level and the 100% Fibonacci level, and we can gradually start trailing or shifting to breakeven as prices reaches or pushes past this level. Stochastic Oscillator is in oversold territory, suggesting a reversal could occur and thus supporting our bullish bias.