EUR/USD analysis for August 21, 2023 - Key resistance level on the test

Technical analysis:

EUR/USD has been trading upside this morning but I found that market is testing important pivot resistance at 1.0893.

In case of the rejection of the resistance at 1.0893, I see potential downside rotation towards $1.0850.

In case fo the breakout and hold above resistance at 1.0893, I see further rally towards 1.0920 and 1.0950

Stochastic oscillator is showing bullish divergence and bull reading.

Analysis are provided by InstaForex

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