Technical Analysis of EUR/USD for August 24, 2020

Technical Market Outlook:

The EUR/USD pair dropped below 61% Fibonacci retracement level again and made a new local low at the level of 1.1754. The market is still in a horizontal trading range, so the bulls still have a chance to bounce higher. The next target for them is seen at the level of 1.1822 and 1.1882. In order to make a new high, the bulls will have to break through the short-term trend line resistance seen at the level of 1.1900. The immediate technical support is located at the level of 1.1720 and 1.1710. The larger time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.2107

WR2 - 1.2031

WR1 - 1.1883

Weekly Pivot - 1.1825

WS1 - 1.1682

WS2 - 1.1616

WS3 - 1.1470

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