22 August EURUSD Technical Outlook: EURUSD pair is strongly bullish


Europe’s common currency continued higher on Tuesday, hitting fresh 12-day highs against the dollar. What levels are the bulls’ next target? Gain insight into the following 22 August EURUSD Technical Outlook.

22 August, OctaFX – The euro continues to soar higher against the greenback in early Wednesday trade, as downside pressure on the US dollar accelerates.

The EURUSD pair reached the 1.1600 level, after performing another major technical breakout on Tuesday, with buyers pushing through the 1.1553 resistance level. The MACD indicator across the four-hour time frame now appears overstretched, the price may correct back towards the key 1.1553 level.

22 August EURUSD Technical Outlook

  • The EURUSD pair is strongly bullish while trading above the 1.1553 level, key resistance is now found at the 1.1600 and 1.1650 levels.
  • If the EURUSD pair moves below the 1.1553 level, sellers may test towards 1.1507 and 1.1480 support levels.

Disclaimer

This article about 22 August EURUSD Technical Outlook was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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