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LEVELS AND TECHICAL ANALIS IN EURUSD 04.09.2020

4 September 2020, 07:50

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For this analysis I use iPump indicator

Important news for today

EUR / USD

Yesterday the EUR / USD pair traded in different directions in the range of $ 1.1790-60 and closed the day without significant changes. Today the pair was trading in a narrow range of $ 1.1840-55, staying close to yesterday's closing price. On the hourly chart, EUR / USD continues to test the strength of the support - the moving average MA (200) H1 ($ 1.1860). On the four-hour chart, the pair remains above the MA 200 H4 line. Based on the above, it is probably worth sticking to the northern direction in trading and until the pair finally consolidates below MA 200 H1, it is necessary to look for buy entry points at the end of the correction.

Resistances are at: $ 1.1875, $ 1.1925, $ 1.1965

Support levels are located at: $ 1.1812 $ 1.1790, $ 1.1755-65, $ 1.1710

The main scenario for the pair's advance is continued growth to $ 1.1875 (the maximum of the American session on September 2). Alternative scenario - final consolidation below MA 200 H1, followed by a decline to $ 1.1765 (August 27 minimum).

Trade - 📈buy limit EURUSD from 1.1812 with ❎ SL 1.1785 (282 pips) 🧿 TP 1.1950 (1396 pips) . Ratio 4.95

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