August 19, 2020 : EUR/USD daily technical review and trade recommendations.
The EUR/USD pair has been moving-up since the pair has initiated the depicted short-term uptrend line on July 21.
By the end of July, a resistance level was formed around 1.1900 which prevented further upside movement for some time and forced the pair to have a downside pause towards 1.1715 in the form of a Wedge-Pattern.On August 12, a new short-term uptrend line was initiated around 1.1715. Since then, the EURUSD pair has been moving upward until Yesterday when we had a breakout above the previously mentioned resistance zone.
Short-term outlook turns positive for the pair. Hence, BUY Positions are preferred at the current time.
Hence, Intraday traders should wait for downside pullback to retest the backside of the broken downtrend line around 1.1860-1.1880 for a valid BUY Position.
Initial target would be located around 1.1950 and Stop Loss should be set at 1.1820.
The material has been provided by InstaForex Company – www.instaforex.com