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MT5.com - Technical Analysis of EUR/USD for August 14, 2020

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Forex Analysis:::2020-08-14

Technical Analysis of EUR/USD for August 14, 2020

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Overview:

The EUR/USD pair faced strong support at the level of 1.1719 because resistance became support.

Consequently, the strong resistance has already faced at the level of 1.1871 and the pair is likely to try to approach it in order to test it again.

The level of 1.1814 represents a weekly pivot point for that it is acting as minor support this week.

Over and above, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 1.1719. Currently, the price is in a bullish channel.

According to the previous events, we expect the EUR/USD pair to move between 1.1719 and 1.1871.

Also, it should be noticed that the double top is set at 1.1916. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100).

It suggests tha the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend.

In other words, buy orders are recommended above 1.1719 with the first target at the level of 1.1871. Then the market will continue rising towards the weekly resistance 1 at 1.1871.

If the trend is be able to break the first resistance, the trend will keep moving to the double top at the level of 1.1916.

Mourad El Keddani
Analyst InstaForex
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