Technical Analysis of EUR/USD for August 21, 2020

Technical Market Outlook:
The EUR/USD pair has bounced from the level of 1.1803 which is still a technical support for the price and had retraced 50% of the last wave down already. The momentum is positive and the market is bouncing from the oversold conditions, so another wave up is still on the table befroe the week ends. The next target for bulls is seen at the level of 1.1908 - 1.1915 and the immediate technical support is located at the level of 1.1822, 1.1813, 1.1803 and 1.1790. The larger time frmae trend remains up.

Weekly Pivot Points:
WR3 - 1.2065
WR2 - 1.1962
WR1 - 1.1908
Weekly Pivot - 1.1808
WS1 - 1.1753
WS2 - 1.1661
WS3 - 1.1600

Trading Recommendations:
On the EUR/USD pair the main trend is up, which can be confirmed by 8 weekly up candles on the weekly time frame chart and 3 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.

Analysis are provided by InstaForex