Technical Analysis of EUR/USD for August 6, 2020:

Technical Market Outlook:

The EUR/USD pair has moved away from the 61% Fibonacci retracement seen at the level of 1.1822 and might soon test the recent swing high located at 1.1908. The momentum is strong and positive and the market is coming off the oversold conditions, so the local up trend might be continued for quite some time. In a case of a clear and strong breakout higher, the next target for bulls is seen at the level of 1.2000. 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