EURUSD Daily Forecast Aug 06 2020

EURO -dollar -65984545-x

EURUSD: Consolidates With Upside Bias…

The EURUSD remains on the upside with caution as long as it trades above 1.1689/1.1753 on a daily closing basis. Resistance comes at the 1.1850 levels. At this point, the EURUSD will have to break and hold above the 1.1850 levels to restore the upside momentum. If seen it will target the 1.1938 levels, a break would open 1.1995 next, further upside, resistance comes in the 1.2060 levels.

Alternatively, a failure to hold and break above 1.1850 levels on a daily closing basis could mean a return to 1.1753/1.1689 levels. Below support will extend the corrective pullback to 1.1605 level, further down, support comes at 1.1540 levels.

In conclusion: The EURUSD sees upside threats above 1.1689/1.1753 levels with cautions…

Support: 1.1753, 1.1689, 1.1605, 1.1540, 1.1460

Resistance: 1.1850, 1.1938, 1.1995, 1.2060, 1.2138

ِA clear break above 1.1850 is needed to restore the upside momentum, otherwise, a consolidation is likely above 1.1689/1.1753 levels…

EURUSD Daily Forecast Aug 06 2020

Key/data events which may affect EURUSD today:

  • Initial Jobless Claims at 12:30 GMT.