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05.08.202013:39 Forex Analysis & Reviews: EUR/USD analysis for August 05 2020 - Strong upside condiiton and potential for test of 1.1900

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"Eurozone service sector business activity rebounded in July to grow at a rate not exceeded for over two years. France and Germany enjoyed especially strong gains though renewed growth was also recorded in Spain and Italy as COVID-19 containment measures continued to be relaxed. "Combined with a surge in manufacturing production, the renewed expansion of the service sector bodes well for the economy to rebound in the third quarter after the unprecedented slump seen in the second quarter. to pent-up demand but regardless, is a lagging indicator since this pertains to Q2.

As I discussed in the previous review, the EUR managed to continue with the upside movement and reached my second target at 1,1850.

There is potential for test of 1,1900, which is next target.

Further Development

Analyzing the current trading chart, I found that the buyers are in control and that we might see test of 1,1900 today. Watch for buying opportunities on the intraday dips.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Silver and Crude Oil today and on the bottom Orange Juice and VIX

Key Lvels:

Resistance: 1,1900

Support level: 1,183 and 1,1810

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