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11.08.202013:14 Forex Analysis & Reviews: EUR/USD analysis for August 11 2020 - Completion of the ABC downside correction and potential for strong upside swing towards the 1.1900

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Prior 100.6

Small business optimism fell last month amid the spike in virus cases across the country, as that tempered with hopes for a quicker economic recovery, according to NFIB.

The details highlight five of the ten sub-indexes in the survey fell, with the uncertainty index rising from 81 in June to 88 in July. Sales expectations over the next three months also fell by 8 points to a net 5% last month.

As I discussed in the previous review, the EUR managed to complete the downside ABC correction and start the upside swing.

The level at 1,1720 worked like strong support and I see further upside movement towards the 1,910

Further Development

Analyzing the current trading chart, I found that the buyers are in total control and that we got outside day relative to yesterday's range, which is good indication for the further upside continuation.

Watch for buying opportunities on the dips...

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lean Hogs and DAX today and on the bottom VIX and Silver.

Key Levels:

Support: 1,1720

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