• Duncan Cooper, Senior Market Strategist & Trading Mentor at ACY Securities


• 10.08.2021 07:45 am
trading

Overview:

Watch the video for a summary of this week’s news releases, a review of the USD Index, and complete Top Down Analysis of the EURUSD.

EURUSD Weekly:

Weekly support at 1.1751, 1.1704, and 1.1603, resistance at 1.1908.

On the weekly chart we have seen a minor one-week rally and then price has continued to decline forming a lower top in line with the double top pattern that has formed at the 1.2243 weekly resistance high.

Last week price closed on its low suggesting a continued decline this week.

EURUSD Daily:

Daily support at 1.1751, resistance at 1.1830.

Daily chart trend is down and price is retesting 1.1751 weekly/daily support. Price may rally back up to the 1.1800 to 1.1830 daily resistance area offering an ideal opportunity to sell for the next decline in line with the current downtrend.

1.1704 weekly support is now the short term target for the next move down. Should this level be clearly broken the long term price projection target for the weekly double top pattern would be 1.1165.

See my previous EURUSD analysis on 25.5.21 where I discussed the possibility of a weekly double top pattern forming and selling at the 1.2200 level for a long term decline.