04.08.202010:15 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 04, 2020

Overview:

Yesterday, the EUR/USD pair reached a new minimum at the price of 1.1768. So, today the price may reach one more minimum around the spot of 1.1725, which coincides with the ratio of 50% Fibonacci Expansion. Today, the EUR/USD pair is challenging the psychological resistance at 1.1768. So, the resistance is seen at the level of 1.1828 in the one-hour time frame. We expect the EUR/USD pair to continues moving in a downtrend below the level of 1.1828 towards the first target at 1.1682, while major resistance is found at 1.1909 (100% Fibonacci). On the downside, a clear break at the level of 1.1768 could trigger further bearish pressure testing 1.1682, which represents the major support today.

Forecast:

As a result, it is gainful to sell below this price of 1.1828 with targets at 1.1725 and 1.1682. However, the bullish trend is still expected for the upcoming days as long as the price is above 1.1628.

Daily Technical level:

• Major resistance: 1.1909
• Minor resistance: 1.1828
• Intraday pivot point: 1.1768
• Minor support: 1.1725
• Major support: 1.1682