EUR/USD Daily Chart Analysis For Week of Aug 30, 2024
Technical Analysis and Outlook:
Throughout the current week's trading session, the Eurodollar has demonstrated significant downward momentum after retesting the pivotal completed Inner Currency Rally at 1.120. The resultant downward trend has effectively suppressed our Mean Support at 1.111 and currently encounters selling pressure at the present level, potentially driving the price down to our designated support levels of 1.102 and 1.097. Nevertheless, the possibility exists of transient buying pressure, which will cause a push in price to Mean Resistance at 1.109 in the interim price action.
Throughout the current week's trading session, the Eurodollar has demonstrated significant downward momentum after retesting the pivotal completed Inner Currency Rally at 1.120. The resultant downward trend has effectively suppressed our Mean Support at 1.111 and currently encounters selling pressure at the present level, potentially driving the price down to our designated support levels of 1.102 and 1.097. Nevertheless, the possibility exists of transient buying pressure, which will cause a push in price to Mean Resistance at 1.109 in the interim price action.
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