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21.08.202010:24 Forex Analysis & Reviews: Technical analysis recommendations for EUR/USD and GBP/USD on August 20

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EUR / USD

Exchange Rates 21.08.2020 analysis

The support zone 1.1813 - 1.1740 - 1.1695 (worked out weekly target + monthly Senkou Span A + daily cross levels) retains its relevance and continues to defend the interests of players for an increase. The victory of the bulls in this confrontation and the work in the monthly cloud Ichimoku still holds the role of the next upward reference point beyond the upper border of the cloud (1.2167 Senkou Span B of the month). The loss of supports (1.1813 - 1.1740 - 1.1695) will indicate the strengthening of corrective bearish moods.

Exchange Rates 21.08.2020 analysis

The players to decline did not manage to continue moving below successfully yesterday. As a result, there is opposition and uncertainty in the lower halves. The center of attraction has recently been the key H1 levels, which are located today at 1.1874 (weekly long-term trend) and 1.1844 (central pivot level). Anchoring above levels gives preference to rising players. Moreover, working below the levels and a reversal of moving averages will help strengthen the bearish mood. The resistances of the classic Pivot levels are currently at 1.1885 - 1.1911 - 1.1952, while the support is located at 1.1818 - 1.1777 - 1.1751.

GBP / USD

Exchange Rates 21.08.2020 analysis

The bulls decided not to give up and returned to work above the level of 1.32 (the key historical level of this section) again. We are closing the week today. How well the bulls can do it will determine their future prospects? For bulls, it is important to hold above 1.32 and continue the upward trend (1.3266 high) in the current situation. Players on the downside now need confirmation of the rebound from 1.32 in the weekly format.

Exchange Rates 21.08.2020 analysis

The promotion players hit back. They, in turn, also managed to almost completely neutralize all the achievements of the opponent, returning the advantage in the lower half and coming close to the maximum extreme. For further strengthening and strengthening of positions, it is important to restore the upward trend (1.3266). The resistances of classic Pivot levels today are located at 1.3268 - 1.3327 - 1.3429. The key H1 supports are now joining forces at 1.3166-54 (Central Pivot level + weekly long-term trend). Support levels within the day are at 1.3107 - 1.3005 - 1.2946.

Ichimoku Kinko Hyo (9.26.52), Pivot Points (Classic), Moving Average (120)

Eseguito da Evangelos Poulakis
Esperto analista di InstaForex
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