For Traders

Analytical Reviews

Technical analysis

13.08.202007:46 Forex Analysis & Reviews: Technical Analysis of EUR/USD for August 13, 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:

The EUR/USD pair has bounced back from the level of 1.1711 and is currently trading just below the 61% Fibonacci retracement again. The nearest technical resistance is seen between the levels of 1.1790 - 1.1822. Any violation of this zone will extend the rally towards the next key technical resistance seen at the level of 1.908.The weekly time frame trend is still up and the momentum is above the fifty level, but the market is trying to bounce from the oversold conditions, so odds for local wave up are quite high. The nearest technical support for intraday traders is seen at the level of 1.1790.

Weekly Pivot Points:

WR3 - 1.2109

WR2 - 1.2010

WR1 - 1.1819

Weekly Pivot - 1.1788

WS1 - 1.1633

WS2 - 1.1672

WS3 - 1.1572

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.

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.