According to our analysis published on 14th August, we prrovided more of neutral sentiments on Euro versus US dollar, expecting that the market might have a bit of a bullish momentum before moving downward. It was on the basis that the new low made in daily as a strong support at 1.1760 was broken this week making a lower low but not breaking our weekly major price action support i.e 1.17000.  Hopefully the market took a sharp bullish reversal from our 61.8% fibb retracement level in weekly from the same supply and demand zone - we emphasized on in terms of high liquidity. But now after observing the market for a couple of hours after opening today, the technicals are indicating that the bears will be taking EURUSD for a ride down to 1.17000 and 1.16000. Our upper trend line to the bearish channel and intraday exponential moving averages 8, 13, 21 in daily are strongly pointing for a dovish continuation of the trend. 

BULLISH AND BEARISH CONDITIONS / POSSIBILITIES :

The market didnt break the resistance at 1.1810-1.1820 which was the friday closing high and took a bearish reversal from that zone. Our upper trend line is also situated at that location - which the market failed to break and is indicating that the market will move towards our 61.8% fibb retracement level in daily i.e 1.17000. Exponential moving averages 50 and 200 in daily are acting as a hook keeping the pair lower from daily high price actions along while the intraday exponential moving averages 8,13 and 21 are on top of the current market price favoring the bears. 

EURUSD

Aug 16 2021