FX.co - EUR/USD analysis for August 12 2021 - Breakout of the consolidation to the downside

2021-08-12T13:21:21

Relevance until2021-08-13

Technical analysis:

EUR/USD analysis for August 12 2021 - Breakout of the consolidation to the downside

EUR/USD has been trading downside and there is the breakout of the consolidation, which is good confirmation for the downside movement.

Trading recommendation:

Watch for selling opportunities with the downside target at the rice of 1,1710 and 1,1700.

Stochastic oscillator is showing bear cross and no extreme condition, which is good sign for further downside movement.

Key resistance is set at the price of 1,1750

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ EUR/USD analysis for August 12 2021 - Breakout of the consolidation to the downside