EUR/USD Technical Analysis – Hantec Markets 28/08/2020

by birtanpublished on September 10, 2020

Welcome back to my daily report market analysis videos with me richard perry market analyst at han tech on friday 28th of august going to look at euro dollar now where the euro had a mixed reaction let's just say that to

The fed chair powell's speech yesterday a lot of volatility played out and then the market settled down and this morning has really taken a view that uh risk

Positive dollar negative and we've started to see euro dollar driving higher once more now this is now pulling the euro back towards the resistance that it hit last um last week early last week 1965

But also other technical aspects of this is um the fact that it's holding the support well held the support well at 1750 pushed up from that yesterday and obviously on beyond that today

Trading above all the moving averages momentum indicators look at that stochastics bull crossing and now starting to gain traction rsi back into the 60s and rising macd lines bottoming out so this

Is a positive move we really could see some momentum driving forward now again to test that 1965 level we need to see a close move above 1850 i think

To really be positive on an ongoing basis on the near-term breakout the fact that we've moved above 1880 you wouldn't really want to see it back below 1850 now but 1850

Sort of completed a little base pattern on this chart which implies around about 100 pips of upside so up towards the mid-1900s so that certainly would suggest 1965 is sort of within the realms of possibility

But i think um if the market can now start to build the support higher 1880 was a bit of a breakout level as well on the pivot and it certainly looks as though that the market can if it can

Hold above that then it'll start to uh build towards the 1965 area so it's certainly looking more positive for europe but obviously there is volatility still in the market from this uh powell speech yesterday

But it seems as though that the the dollar weakening is starting to take hold and that would suggest 1965 test on euro dollar so with that in mind i wish you good luck in your trading today

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