EUR/USD - NEW LONG ENTRYS / GOOD RISK&REWARD RATIO

Fundamental & Psychological Analysis

The euro dumped by weak economic data from the eurozone. The purchasing managers' index fell to its lowest level since 2016. The Market indices are very respected and describe the current economic situation. The view of the economic situation reveals a strongly unsettled manufacturing industry. The commercial disputes and discussions about the Italian budget had a negative impact. Finally, the conflict with Saudi Arabia was added. Many investment projects are set back as a precautionary measure.

Technical Analyse

the next support for long entry is charted at 1.13-1.131. The support from August 14th will be retested, so I have selected a relatively tight stop loss, if this support brake you can expect another price dump to the green horizontal lines which are other good support & entry points

MACD:

turned bearish and still under the 0 line, expect further correction to -0.01 line

RSI:

bearish trend and will brake the support line soon, further correction to 20 area