EUR USD Technical Analysis 5 August 2020
EUR USD Technical Analysis: The EUR rose 0.35% against the USD on Tuesday and closed at 1.1802. Today in the Asian session, while EUR USD technical Analysis 5 August 2020 is preparing at 5:15 GMT, the pair is trading at 1.1826, which is 0.20% higher from yesterday’s closed.
The pair is expected to find support at 1.1775 and a fall through could take it to the next support level of 1.1745. The pair is expected to find its first resistance at 1.1830, and a rise through could take it to the next resistance level of 1.1860. Today’s expected trading range is between 1.1700 support and 1.1900 resistance.
The expected trend for today is Bullish
Important support levels:
Support 1: 1.1775
Support 2: 1.1745
Support 3: 1.1700
Important Important resistance levels:
Resistance 1: 1.1830
Resistance 2: 1.1860
Resistance 3: 1.1900
EUR/USD buying opportunity for intraday trading on August 5, 2020
Buy near the support zones 1.1775 and 1.1745 as soon as you get a reversal candlestick pattern, using a stop loss 2 points below the low of the reversal candle, and keep the target equal to the stop loss.
EUR/USD selling opportunity for intraday trading on August 5, 2020
Sell near the resistance zones 1.1830 and 1.1860 as soon as you get a reversal candlestick pattern, using a stop loss 2 points above the high of the reversal candle, and keep the target equal to the stop loss.
Economic events to watch for the next 24 hours: Markit Composite PMI (EUR), Markit/CIPS Services PMI (GBP), Retail Sales m/m (EUR), ADP Nonfarm Employment Change (USD) Trade Balance (USD), ISM Non-Manufacturing PMI (USD), EIA Crude Oil Stocks Change (USD)