Technical Analysis of EUR/USD for September 3, 2020

Technical Market Outlook:

After making the swing high at the level of 1.2010, the EUR/USD pair had immediately reversed and is trading currently below the 61% Fibonacci retracement seen on the weekly time frame chart. The nearest technical support seen at the level of 1.1790 might be tested soon as the market is coming off the overbought conditions. If the level of 1.1790 is clearly violated, then the next technical support is seen at the level of 1.1710. and 1.1696. Nevertheless, the weekly and monthly time frame trend remains up and he next target for bulls is the swing high seen at the level of 1.2089

Weekly Pivot Points:

WR3 - 1.2130

WR2 - 1.2019

WR1 - 1.1975

Weekly Pivot - 1.1859

WS1 - 1.1812

WS2 - 1.1706

WS3 - 1.1664

Trading Recommendations:

On the EUR/USD pair the main trend is up, which can be confirmed by almost 10 weekly up candles on the weekly time frame chart and 4 monthly up candles on the monthly time frame chart. This means any corrections should be used to buy the dips. The key long-term technical support is seen at the level of 1.1445. The key long-term technical resistance is seen at the level of 1.2555.


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