EUR/USD Technical Analysis 23.08.2016

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EUR/USD Technical Analysis 23.08.2016

EURUSD declined to 1.10 level at the end of July. Since then it has been a sharp upward movement, trading at 1.1340 today, 20% gain in just 3 weeks…

At this point we have to remember that the recent USA unemployment rate have increased the expectations of another interest rate hike this year.

Having considered that EURUSD is almost at an overbought level, we believe it is safe to open a short position at 1.1340. Our target price is 1.1200 – 1.1220 and the stop loss should be put at 1.1400.

This cannot be considered an investment advice!