Technical Analysis EUR/USD 31 August

2020-08-31

Today's technical analysis for August 31, the EUR / USD pair is dominated by bullish sentiments to complete the consolidation in the Asian session, at strong support levels 1.19035 - 1.18720, therefore it is advisable to wait for the breakdown of the strong resistance level, which can open the way to the levels 1.19540 - 1.19945 within the London and New York sessions.

Thus, the best trading opportunities can be triggered before or during the London session from 1.19245 where the Fibonacci levels indicate. Last Friday, the MACD histogram crossed the zero line from the bottom up, is now in the positive zone and above its signal line, continues to grow intensively and thereby gives a buy signal. Stochastic Oscillator is in the overbought zone and is giving a similar signal. In an alternative scenario, you should wait for the breakdown of the strong support level 1.18930, then the targets of investors will be the levels 1.18530 - 1.18025.

As such, today's expected important economic news in particular could lead to significant volatility in key pairs, which could stimulate significant swing movement during the London and New York sessions. This enables investors to take advantage of Buy / Sell trades from low / high levels throughout the day.

EUR / USD analysis

Price at the moment: 1.19140

Resistance level 1: 1.19245
Resistance level 2: 1.19350
Resistance level 3: 1.19455
Resistance level 4: 1.19560

Support level 1: 1.19035
Support level 2: 1.18930
Support level 3: 1.18825
Support level 4: 1.18720