empty
 
 
14.08.2020 08:51 AM
Technical Analysis of EUR/USD for August 14, 2020:

Technical Market Outlook:

The EUR/USD pair has been rejected around the level of 1.1864 after the Bearish Engulfing pattern had been made just at the lower channel line. The market is trading around 61% Fibonacci retracement again and might extend the losses. The nearest technical resistance is seen between the levels of 1.1790 - 1.1822. Any violation of this zone will extend the rally towards the next key technical resistance seen at the level of 1.908.The weekly time frame trend is still up and the momentum is above the fifty level, but the market is trying to bounce from the oversold conditions, so odds for local wave up are quite high. The nearest technical support for intraday traders is seen at the level of 1.1790.

Weekly Pivot Points:

WR3 - 1.2109

WR2 - 1.2010

WR1 - 1.1819

Weekly Pivot - 1.1788

WS1 - 1.1633

WS2 - 1.1672

WS3 - 1.1572

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.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback