EUR/USD Forecast August 31, 2017, Technical Analysis

EUR/USD daily chart, August 31, 2017

The EUR/USD pair fell on Wednesday, as we are reaching towards the 1.19 level. That’s an area that should be supportive, but if we break down below there I think there’s even more support near the 1.18 level. We are also approaching the 61.8% Fibonacci retracement of the most recent rally, and that should offer support as well. I think given enough time the buyers will come back, so I have no interest in shorting this market, and I believe that the recent pullback has been in reaction to an overextension of the market, but eventually the longer-term uptrend should reassert itself.

Written by FX Empire