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LEVELS AND TECHICAL ANALIS in EURUSD 02.09.2020

2 September 2020, 08:20

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For this analysis I use iPump indicator

Important news for today

EUR / USD

Yesterday the EUR / USD pair was trading lower and closed the day in the red around the $ 1.1915 price. Today the pair was trading in a narrow range of $ 1.1890-20, remaining close to yesterday's closing price. On the hourly chart, EUR / USD is still trading above the moving average MA line (200) H1 ($ 1.1855). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while the pair remains above MA 200 H1, it is necessary to look for buy entry points to form a correction.

Resistances are at: $ 1.1965, $ 1.2010, $ 1.2030

Support levels are located at: $ 1.1870-85, $ 1.1810, $ 1.1755-65

The main scenario for the pair's advance is continued growth to $ 1.1965 (the maximum of the American session on September 1). An alternative scenario - consolidation below MA 200 H1, followed by a decline to $ 1.1765 (August 27 minimum).

H1 shows a false breakout with confirmation of the level (closing of the candlestick body above the level of 1.1900) Trade - 📈buy EURUSD from 1.1905 with ❎ SL 1.1891 (153 pips) 🧿 TP 1.1962 (562 pips) . Ratio 3.6

Sentiment of major currency pairs

Sentiment of market positions is the ratio of traders' positions on the Myfxbook service . We will be interested in the skew of positions from 70/30 and stronger. The point is that the minority earns in the market. If the instrument has been in a significant skew of positions for a long time, a large player can push the price in his direction.

In most cases, I consider the smaller side for opening deals, since you must understand that it is just the minority who make money in the market. + I always focus on the continuation of the trend

The entire list of the ratio of traders' positions for buying and selling can be viewed on my website in the sentiment section