Daily Forex Analysis, Aug. 11

EUR/USD – Continued EUR Weakness?

The EUR lost more ground yesterday dropping below support at 1.4160. That level has now become upside resistance.
A drop below the recent swing lows just above 1.4100 indicates another swing lower and a target of 1.4040. Further support is at 1.4000.
A push above 1.4170 will try to test recent swing highs at 1.4220. Target beyond this on a further rise is 1.4320.
The pair is continuing to fall in early trading today after a strong up move on Friday.

Support is likely around the 50% retracement level of Friday’s move at 96.40. 96.00 and 95.80 are support levels beyond.

Resistance on the upside is likely to be seen by 97.20, 97.50 and 97.80. A break above 97.80 is not highly likely today, but indicates another swing higher over the next couple days.

Forex trading analysis by Forexpros.com – Written by Corey Mitchell

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