EUR/USD Worth the Risk Today!

EUR/USD Worth the Risk Today!

2021-08-10 • Updated

4H Chart 

EURUSDH4 10 Aug 2021.png

Daily Chart 

EURUSDDaily 10 Aug 2021.png

EUR/USD declined further on Monday reaching as low as 1.1735, breaking through 1.1760’s support area, posting 5 days of consecutive declines, while the technical indicators are near the oversold area on the daily chart as well. However, after 5 days of consecutive declines, it's worth the risk for few longs around the current price at 1.1730’s. The last time the euro had 5 days of consecutive declines was back in October 2020, which has led to a rebound of 0.6% on the 6th day. I wouldn’t be surprised if the euro retests 1.18 in the coming days. On the other hand, my stop for such trade should not exceed 1.1690.

S3 S2 S1 Pivot R1 R2 R3
1.1679 1.1713 1.1725 1.1747 1.1759 1.1781 1.1815

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