Overview:

Watch the video for a summary of this week’s news releases, a review of the USD Index, and a complete top down analysis of the EURUSD.

 

EURUSD Weekly:

Weekly support at 1.1168, resistance at 1.1524.

Weekly chart is in a downtrend showing lower tops and bottoms. Price declined last week and closed below the 1.1500 level.

Long term weekly double top pattern remains in play, price projection target for the weekly double top pattern is 1.1165.

 

EURUSD Daily:

Daily support at 1.1168, resistance at 1.1513 and 1.1535.

Daily chart is in a downtrend showing lower tops and bottoms. Watch for price to rally back to the 1.1513 to 1.1535 weekly/daily resistance area.

Price failing at the 1.1513 to 1.1535 resistance area would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

Long term price projection target for the weekly double top pattern remains at 1.1165.

 

EURUSD 4 Hour:

4 Hour resistance at 1.1433 and 1.1464.

Watch for price to rally back to either 1.1433 or 1.1464, 4 hour resistance.

Price failing at either 1.1433 or 1.1464 resistance would present an ideal opportunity to sell for the next decline in line with the weekly double top pattern.

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Latest Forex Analysis

Editors’ Picks

EUR/USD drops below 1.1300 for the first time in two weeks

Euro held up well on Monday despite the market’s deeply risk-off tone, with the pair finding good dip-buying interest when it hit the 1.1300 level earlier in the session and recovering to trade flat on the day in the 1.1320s.

EUR/USD News

GBP/USD extends daily slide toward 1.3450

GBP/USD continues to stretch lower toward mid-1.3400s on Monday as the mood continues to sour. Wall Street's main indexes are down between 1.7% and 2.1% after the disappointing PMI data from the US.

GBP/USD News

XAU/USD bulls moving in on the psychological $1,850

Gold is headed for a positive close on Monday following a heavily risk-off session and a run for safer havens. At the time of writing, gold is up 0.3% after climbing from a low of $1,829.76 and reaching a high of $1,844.37 so far with eyes on the psychological $1,850 level. 

Gold News

Crypto carnage continues to unfold

Bitcoin price has witnessed a massive crash over the past week, undoing the gains seen since July 25. Ethereum, Ripple and other altcoins have followed suit, experiencing an even worse crash. 

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US: Markit Services PMI falls to 50.9 versus 55.0 expected

Manufacturing, Services and Composite PMI all fell to their lowest levels since 2020. There didn't seem to be much reaction at the time but the downbeat data likely won't help the market's mood improve. 

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Cryptocurrencies

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