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04.08.202008:05 Forex Analysis & Reviews: Technical Analysis of EUR/USD for August 4, 2020:

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Technical Market Outlook:

After the EUR/USD pair has returned then below 61% Fibonacci retracement on weekly time frame chart (seen at the level of 1.1822) it keeps trading inside of the ascending main channel. The bears had made a new local low located at the level of 1.1696 during the recent pull-back, but the price is not bouncing again. The momentum is neutral and the market is coming off the overbought conditions, so the next target for bears is seen at the level of 1.1655 - 1.1629. If the market hits this level, then the healthy correction is completed and the up trend might be resumed.

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.

Exchange Rates 04.08.2020 analysis

Sebastian Seliga
Analytical expert of InstaForex
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