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11.08.202009:53 Forex Analysis & Reviews: Technical analysis of EUR/USD for August 11, 2020

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Overview:

The EUR/USD pair has dropped sharply from the level of 1.1828 towards 1.1739. Now, the price is set at 1.1746 to act as a support 1. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.1828 and 1.1695 in coming hours. Furthermore, the price set below the strong resistance at the levels of 1.1828 and 1.1778, which coincides with the 61.8% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1828/1.1778. Thereupon, the price spot of 1.1828/1.1778 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.1778, sell below 1.1778 with the first targets at 0.9896 and 1.1695 (the double bottom is seen at 1.1695 ). Next target will probably hit the level of 1.1648. However, the stop loss should be located above the level of 1.1850.

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