Technical Analysis of EUR/USD for August 5, 2020:

Technical Market Outlook:

The EUR/USD pair has started to bounce towards the technical resistance zone located between the levels of 1.1790 - 1.1822 (61% Fibonacci retracement on weekly), but did not manage to break through yet. The momentum is neutral, but the market is coming off the oversold conditions, so the local up trend might be continues soon. The key technical support is still seen at the level of 1.1655 - 1.1648 and the last swing high is located at the level of 1.1908.

Weekly Pivot Points:

WR3 - 1.2175

WR2 - 1.2036

WR1 - 1.1886

Weekly Pivot - 1.1756

WS1 - 1.1625

WS2 - 1.1507

WS3 - 1.1369

Trading Recommendations:

The EUR/USD pair confirmed the up trend, so all pull-backs and corrections should be used to accumulate the EUR. The next targets in the long-term are seen at the levels of 1.2000 - 1.2089. There is no indication of any bigger correction to come, so all the dips should be bought until the level of 1.1347 is clearly violated.

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