EURUSD has very nicely followed the direction published in our previous analysis on 2nd Aug - anticipating strong bearish conditions in the market against King dollar. We suggested that the was above our daily pivot which was located at 1.18641 but hadnt generated the strength enough to reach towards it weekly resistance at 1.19270. In four hourly chart the pair was struggling to break out of its intraday exponential moving averages 8, 13 and 21 while exponential moving average 200 had still been acting as an achor to EURUSD. From another detailed aspect in accordance to advanced technical indications/ system we explained that from certain strategies such as bookmap, using heat wave mapping and ice berg strategies we got to find out that the commitment of traders data was showing signs of bullish entries by the retail traders - maybe out of fear or watching dollars weakness in the market. We talked about high supply but low in demand regards to the aforementioned zone which ultimately decreased the factors of favors to bulls in order to lift up euro versus U.S dollar. 

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

On daily chart the market has almost completely reversed all the gains made from March and is in position to break the weekly and daily low i.e 1.17000. If this scenario happens, 1.1620 will be our next awaited targeted destination. For now Euro versus U.S dollar is below exonential moving average 50 and reaching for exponential moving average 200 in weekly. We cannot expect any further fall exceeding our aforementioned levels because there is high supply from last year July, September and November in weekly time frame, indicating high chances of bullish reversal. Another reason for bullish reversal would be our 61.8% fibb level present at 1.17044 which would become a barrier for bears to pull the pair down to exponential moving average 200 in weekly. 

EURUSD

Aug 09 2021