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LEVELS AND TECHICAL ANALIS IN EURUSD 26/08/2020

26 August 2020, 09:09

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For this analysis I use iPump indicator

Important news for today

Yesterday the EUR / USD pair was trading higher and closed the day in positive territory around the $ 1.1830 price. Today the pair dropped slightly, dropping to $ 1.1820. On the hourly chart, EUR / USD continues to test the strength of the support - the moving average line MA (200) H1 ($ 1.1850). 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 while the pair remains above MA 200 H1, it is necessary to look for buy entry points to form a correction, when the price falls by -0.5 of the daily index according to the IPump indicator, near the 1.1785 level

Resistances are at: $ 1.1845, $ 1.1880-90, $ 1.1950-65

Support levels are located at: $ 1.1804 $ 1.1785, $ 1.1755, $ 1.1695-10

The main scenario for the pair's advance is continued growth to $ 1.1845 (August 24 high). An alternative scenario implies a final consolidation below MA 200 H1, followed by a decline to $ 1.1755 (Aug 21 minimum).

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