EUR/USD Technical Analysis – Hantec Markets 26/08/2020

by birtanpublished on September 2, 2020

Welcome back for my daily report market analysis videos with me richard perry market analyst at hand tech on wednesday the 26th of august now let's have a look at uh eurodollar which has settled down actually in the last

Session or so we sort of tick higher yesterday by around about 40 pips or so um just starting to ease that selling pressure that we've seen in the past week um and actually you're seeing a basis of support 1780 in the

Last couple of days and back above 18 big figure again and pretty much holding and using that as a basis of um support again today now i've spoken about 18 big figure

Numerous times acting as the uh as a pivot line effectively over the uh past months now three weeks and it's interesting that it's again starting to pick up from there so we're slightly positive nothing really

Decisive and essentially we are still sort of hovering around in in the mid point of the old range uh 18 big figure but um now sort of starting to form higher lows you

Read a slight amount of positive bias there but nothing decisive stochastics turning up is encouraging but rsi just tailing off around that 60 mark so some mixed signals let's just say that

And essentially the euro dollar i think is setting in for this parallel speech tomorrow now um how jerome powell sets his stall out i think is going to be important for monetary policy going forward um so

Subsequently i think eurodollar sits in ahead of that um and takes a view off the back of that speech tomorrow and um so you'd be looking out for 1750 initially that was friday's low

There they're about 1750. if that holds then you're you're starting to again sort of develop a more positive outlook i think given the fact that the medium term outlook remains uh remains strong

With the uptrend intact you're trading above moving averages broadly speaking rsi positively configured above 50. so tending to look at using weakness as a chance to buy

It's just that whether you get the upside impetus going once more 1850 as an initial resistance um was uh was that monday's high and again sort of acted almost as resistance yesterday so a break above that would

Really start to generate some positive momentum and confirm that above the 1880 level which was friday's high but um as i said jerome's pal speech could be crucial decisive closing breach

Of 1695 for example really does start to edge the market lower and starts to look more corrective again i would still be seeing near-term weakness as a chance to buy for a medium

Term positions towards 120 but i think that eurodollar for now is just holding ground and waiting for this speech so with that in mind i wish you good luck in your trading today click here to

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