20 Aug Weekly Forex Forecast (August 21 – 25, 2017)
The EURUSD remained buoyant last week after testing the 1.1670 support area for the second week in a row. At the same time, buyers struggled to overcome the 1.1820 handle as we discussed in the August 14th commentary.
As long as the 1.1670 support level holds on a daily closing basis (5 pm EST), the upside bias is intact. Only a daily close below the level would open up downside targets including 1.1490 and 1.1300.
However, there isn’t much to do here so long as buyers are capped by 1.1820 and 1.1875. You could entertain a long position from the 1.1670 area, but the upside potential is limited with those two resistance levels intact.
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