Technical Analysis of EUR/USD for August 31, 2020

Technical Market Outlook:

The EUR/USD pair has been seen trading around the level of 1.1915 during the early Monday hours, so the end of the month is looking very bullish. The rally was capped at the level of 1.1915 and currently the market is consolidating the recent gains. The immediate support for bulls is seen at the level of 1.1884 and only a clear violation of this level will be an intraday bearish signal. The next target for bulls is the swing high seen at the level of 1.1965. Weekly and monthly time frame trend remains up.

Weekly Pivot Points:

WR3 - 1.2130

WR2 - 1.2019

WR1 - 1.1975

Weekly Pivot - 1.1859

WS1 - 1.1812

WS2 - 1.1706

WS3 - 1.1664

Trading Recommendations:

On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 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