Technical Analysis of EUR/USD for August 20, 2021

Technical Market Outlook:

The EUR/USD pair has paused the sell-off for a while and is making a triangle price pattern on the H4 time frame chart. The nearest technical resistance is seen at the level of 1.1705 and 1.1695. The momentum is negative and bears are in full control of the market even despite of the extremely oversold market conditions. The next target for bears is seen at the levels of 1.1655 and 1.1648. Only a sustained breakout above the level of 1.1760 would change the temporary outlook to more bullish.

Weekly Pivot Points:

WR3 - 1.1930

WR2 - 1.1870

WR1 - 1.1843

Weekly Pivot - 1.1772

WS1 - 1.1740

WS2 - 1.1673

WS3 - 1.1643

Trading Outlook:

Despite the recent breakout form the Falling Wedge pattern, the rally did not last for long and the down cycle had been resumed. When this cycle scenario is confirmed by breakout above the level of 1.2000, the up trend can be continued towards the next long-term target located at the level of 1.2350 (high from 06.01.2021). However, for now, the market is control by demand that might push the prices lower towards the key technical support located at 1.1599.

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The material has been provided by InstaForex Company - www.instaforex.com

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