Technical Analysis of EUR/USD for August 28, 2020

Technical Market Outlook:

The EUR/USD pair has broken out above the short-term trend line resistance and the local high was made at the level of 1.1901. The next target for bulls is seen at 1.1908 - 1.1915. The momentum is strong and positive, so the odds for another move up are high. The key short-term 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.

analytics5f48afcf4bf68.jpg

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