Technical Analysis of EUR/USD for September 7, 2020

Technical Market Outlook:

The EUR/USD pair did not move much since the Friday close and keeps hovering around the level of 1.1822, which is a 61% Fibonacci retracement on the weekly time frame chart. This is the key technical level that has been violated before, but the rally did not last for long and the price keeps coming back to it anyway. This kind of a price action might indicate a deeper corrective cycle to come soon as the up trend looks exhausted for now. Any violation of the level of 1.1696 will be the firs indication of a correction. For now however, the key technical support is seen at the level of 1.1790 and the nearest technical resistance is located at 1.1865.

Weekly Pivot Points:

WR3 - 1.2178

WR2 - 1.2088

WR1 - 1.1949

Weekly Pivot - 1.1865

WS1 - 1.1723

WS2 - 1.1635

WS3 - 1.1494

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