Technical Analysis of EUR/USD for August 20, 2020

Technical Market Outlook:

The EUR/USD pair has reversed the local up trend after the Doji candlestick pattern was made at the level of 1.1965. The market is coming off the overbought conditions with momentum below its fifty level already. Currently the price is hovering just above the weekly 61% Fibonacci retracement seen at the level of 1.1822. There are technical support levels as well seen at 1.1813, 1.1803 and 1.1790 and if violated, then the sell-off might accelerate towards the level of 1.1710. The weekly time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.2065

WR2 - 1.1962

WR1 - 1.1908

Weekly Pivot - 1.1808

WS1 - 1.1753

WS2 - 1.1661

WS3 - 1.1600

Trading Recommendations:

On the EUR/USD pair the main trend is up, which can be confirmed by 8 weekly up candles on the weekly time frame chart and 3 monthly up candles on the monthly time frame chart. This means any corrections should be used to buy the dips. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.

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The material has been provided by InstaForex Company - www.instaforex.com