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07.08.202013:15 Forex Analysis & Reviews: EUR/USD analysis for August 07 2020 - Potential completion of ABC downside correction and upside movement towards 1.1890 and 1.1915

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China top diplomat calls for US to create favourable conditions for implementation of Phase One trade deal

Uh oh, China is starting to pull out the Phase One trade deal card in light of recent tensions between the two. There are known boundaries that both sides should not cross that may lead to the deal breaking down, so China is making that clear once again.

Just be mindful considering the recent escalation in tensions, as the facade of the Phase One trade deal is pretty much what is holding everything together at this stage.

As I discussed in the previous review, the EUR is in corrective phase and in my opinion EUR is very close to end the corrective phase.

The level at 1,1820 seems like solid support and potential for the upside cycle to begin.

Further Development

Analyzing the current trading chart, I found that the sellers got exhausted today and the upside rotation would be possible towards the 1,1890 and 1,1915.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lumber and VIX and the bottom of the list are Palladium and Rough Rice.

Key Levels:

Resistance: 1,1890 and 1,1913

Support level: 1,1820

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