The Euro/Dollar EUR/USD at the time of writing the forecast for the Eurodollar on August 10 is 1.1565.
As we recommended in the forecast for today, August 9, the strategy to sell on the market right now, with a stop behind the resistance level – fully justified itself. However-not surprising. With the experience of such patterns singled out the seemingly chaotic chart more and more often. The price chart is chaotic, but not always. A professional trader is someone who knows how to catch such moments, where the probability of a profitable transaction significantly exceeds the probability of a losing one.
The price for EUR / USD is below the Ichimoku Kinko Hyo cloud, which indicates a downward trend in the currency pair. After crossing the level of 1.1590 two signal lines, red and blue, they changed their positions. The red line now above the blue is the slow. However, this signal is secondary, so just keep it in mind.
We believe that the price for EUR / USD will continue to follow the downward movement. However, to consolidate the result, the exchange rate of the currency pair must break the support level of 1.1530. Resistance level is the lower border of the Ichimoku cloud, roughly 1,1590. Before continuing the main movement, a short-term rollback to the resistance level is possible.
Thus, the forecast for the Euro/Dollar currency pair on August 10 suggests a downward movement, in order to break through the support level of 1.1530.