EURUSD Technical Analysis Report – 27-08-2020
Weekly Chart (1.1825)
From the above EURUSD weekly chart, we can notice that the currency pair is appreciating for the last few months. Currently the currency pair is trading in a tight spot, in between its major support and major resistance. After analyzing its recent appreciation and other technical factors, we are expecting the currency pair to depreciate from its current levels in the next few days. We are expecting EURUSD to be range bound in between 1.1945 and 1.0665 levels. The immediate support for the currency pair seems to be at 1.1787 and any move below 1.1787 levels may create significant selling pressure. Any fall below 1.1787 levels may drag the currency pair to 1.1473 levels and any fall below 1.1473 levels may create room for further depreciation to 1.0766 levels.
Any move above 1.1945 levels may create short term buying pressure and the currency pair may appreciate further to 1.2098 levels. And if it break above 1.2098 and holds that level for some time then we can expect EURUSD to appreciate further to 1.2538 levels.
Major Support and Resistance:
Resistance: 1.1853, 1.1905, 1.1945, 1.2098, 1.2538, 1.3618, 1.3903
Support: 1.1787, 1.1473, 1.0766, 1.0665, 1.0496, 1.0370, 0.9746, 0.9556
Trading with proper stop loss (may be in between 30-50 pips) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.
Any move above 1.1945 levels may create short term buying pressure and the currency pair may appreciate further to 1.2098 levels. And if it break above 1.2098 and holds that level for some time then we can expect EURUSD to appreciate further to 1.2538 levels.
Major Support and Resistance:
Resistance: 1.1853, 1.1905, 1.1945, 1.2098, 1.2538, 1.3618, 1.3903
Support: 1.1787, 1.1473, 1.0766, 1.0665, 1.0496, 1.0370, 0.9746, 0.9556
Trading with proper stop loss (may be in between 30-50 pips) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events.
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