During the previous trading session, the positive dynamics of the EURUSD movement were seen. On a longer time-frame, the upward price movement vector also prevails.
The support and resistance levels:
The support level is near the 1.16762 mark.
The Penetrating Line pattern formed this level. The pattern consists of two candles: the first one has a long black body, the second one has a white body. The second candle opens with a gap down and closes above the middle of the first candle’s body.
The resistance level is near the 1.17964 mark.
The pattern formed here is Three Outside Bars Down. This pattern is a combination of three Japanese candlesticks. The first candlestick has a short white real body, the second candlestick has a long black real body and completely engulfs the first candlestick, and the third candlestick is also black, closing below the second candlestick.
Trading recommendations:
The latest signal prioritizes short positions intraday.
EURUSD H1: The Price Action Forecast for the American Session on 8.5.2026
