EUR USD Technical Analysis 7 August 2020
EUR USD Technical Analysis: The EUR rose 0.11% against the USD on Thursday and closed at 1.1876. Today in the Asian session, while EUR USD technical Analysis 7 August 2020 is preparing at 5:15 GMT, the pair is trading at 1.1825, which is 0.41% lower from yesterday’s closed.
The pair is expected to find support at 1.1815 and a fall through could take it to the next support level of 1.1770. The pair is expected to find its first resistance at 1.1890, and a rise through could take it to the next resistance level of 1.1915. Today’s expected trading range is between 1.1725 support and 1.1965 resistance.
The expected trend for today is Bearish
Important support levels:
Support 1: 1.1815
Support 2: 1.1770
Support 3: 1.1725
Important Important resistance levels:
Resistance 1: 1.1890
Resistance 2: 1.1915
Resistance 3: 1.1965
EUR/USD buying opportunity for intraday trading on August 7, 2020
Buy near the support zones 1.1815 and 1.1770 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 7, 2020
Sell near the resistance zones 1.1890 and 1.1915 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: Employment Change (CAD), Unemployment Rate (USD), Nonfarm Payrolls (USD), Average Hourly Earnings m/m (USD).