FX.co ★ August 18, 2023 : EUR/USD Intraday technical analysis and trading plan.

The EUR/USD pair had been trending down to 0.9600, the lowest level since 2002, but then rebounded strongly, especially around this vital support level.

The bears were not able to hold the next resistance level at 1.0100, and they lost ground to the bulls who drove the prices higher, This resulted in reaching new bullish targets at 1.0250, 1.0500, and 1.0600.

The bulls controlled the price action around the key level of 1.0550-1.0600, leading to more bullish continuation towards 1.1000 and 1.1200.

The recent bullish movement pursued towards the resistance zone around 1.1200 where lack of bullish momentum seemed to exist.

On the other hand, the current bearish pullback was facing a temporary support around 1.0950 where the short-term uptrend came to meet the pair.

After this short uptrend reversal, price is expected to decline towards to the price levels of 1.0600 which stands as a firm daily support to be watched for bullish rejection.