Is #EURUSD Primed for a Bullish or Bearish Move? Analysis for 12th August

Analyzing the current #EURUSD chart, there are clear indicators pointing towards a potential downward movement in the upcoming hours, with a projected target of 1.0820. This anticipated decline could serve as a crucial turning point, as historical data suggests that a bounce is probable once this level is reached. Upon confirmation of this bounce, the next significant target to be mindful of is 1.0998.

However, it is important to note that the potential for further gains beyond this level exists, particularly if the DXY (US Dollar Index) displays signs of weakness in the following week. This scenario could lead to an extended rally, offering traders an opportunity to capitalize on the market dynamics and potentially achieve even higher levels of profitability.

Chris

Head Coach & Trader for over 30 years

GET FUNDED | Thetradingmentor#Forex and #Gold Specialists (thetradingmentors.com)