For Traders

Analytical Reviews

Technical analysis

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

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

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.