EURUSD Daily Forecast Aug 11 2020

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EURUSD: Halts Upside, Faces Pullback Threats…

As long as 1.1938 resistance holds on a daily closing basis, the EURUSD remains in a pullback mode and further down couldn’t be ruled out. Support comes at the 1.1735 levels ahead of 1.1685 levels. A halt is likely, It may turn higher from here. However; below 1.1685 sees further weakness to 1.1625 levels, further down, support comes in the 1.1550 level ahead of 1.1500 level.

On the upside, immediate resistance comes at the 1.1800 levels, above that level sees limited gains below 1.1875/1.1938 level. Above 1.1938 will extend the bullish move to 1.1995 levels, further upside, resistance comes at 1.2060 levels.

In conclusion: The EURUSD sees downside threats in the short-term forecast below 1.1800 levels.

Support: 1.1735, 1.1.1685, 1.1625, 1.1550, 1.1500

Resistance: 1.1800, 1.1875, 1.1938, 1.1995, 1.2060

Considerations:

  • Critical levels that need to be watched are 1.1800 and 1.1685
  • Medium-term outlook is bullish above 1.1575
  • Short-term outlook is bearish below 1.1800
  • A failure to break and hold below 1.1735 on a daily closing basis, could mean a return to 1.1800 levels.
  • A rejection (rebound) from 1.1685 followed by a daily closing above 1.1800 levels. The outlook will turn bullish. The pair may spike around 1.1938 level, even it may fly to 1.1995 levels.
  • A daily closing above 1.1800 without falling to 1.1685 level could possibly mean: there’s no enough bullish momentum to push the pair further higher, so… either way is expected (up or down).
EURUSD Daily Forecast Aug 11 2020

Key data/events which may affect EURUSD today:

  • German ZEW Economic Sentiment (Aug) at 09:00 GMT
  • U.S PPI (MoM) (Jul) at 12:30 GMT.

MARKET DATA

UPCOMING ECONOMIC EVENTS