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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 24494, member: 2617"] [B]Technical Analysis of EURUSD for August 3, 2020:[/B] [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200803/analytics5f27a7b239fba.jpg[/IMG] Technical Market Outlook: The EUR/USD pair has made a new swing low at the level of 1.1908, but the Bearish Engulfing candlestick pattern was made at the top of the move. The market has returned then below 61% Fibonacci retracement on weekly time frame chart (seen at 1.1822) and is now back in the ascending main channel. The momentum is neutral and the market is coming off the overbought conditions, so the next target for bears is seen at the level of 1.1655 - 1.1629. If the market hits this level, then the healthy correction is completed and the up trend might be resumed. Weekly Pivot Points: WR3 - 1.2175 WR2 - 1.2036 WR1 - 1.1886 Weekly Pivot - 1.1756 WS1 - 1.1625 WS2 - 1.1507 WS3 - 1.1369 Trading Recommendations: The EUR/USD pair confirmed the up trend, so all pull-backs and corrections should be used to acumulate the EUR. The next targets in the long-term are seen at the levels of 1.2000 - 1.2089. There is no indication of any bigger correction to come, so all the dips should be bought until the level of 1.1347 is clearly violated. [I][URL="https://www.instaforex.com/forex_analysis"]Analysis are provided by[B][COLOR=Red]Insta[/COLOR]Forex[/B].[/URL][/I] [/QUOTE]
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