| Technical analysis of EUR/USD for August 31, 2020 2020-08-31  Overview : The EUR/USD pair broke resistance which turned to strong support at the level of 1.1804. The level of 1.1804 is expected to act as major support today. From this point, we expect the EUR/USD pair to continue moving in a bullish trend from the support levels of 1.1754 and 1.1885. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Consequently, the first support is set at the level of 1.1804 (horizontal black line). So, the market is likely to show signs of a bullish trend around the spot of 1.1804. In other words, buy orders are recommended above the spot of 1.1804 with the first target at the level of 1.1860; and continue towards 1.1885 (the weekly resistance 1). Next objectives will be probably set at 1.1919 and 1.1966 which coincideds with the double top in the H1 time frame. This would suggest a bearish market because the moving average (100) is still in a positive area and does not show any trend-reversal signs at the moment. On the other hand, if the EUR/USD pair fails to break through the resistance level of 1.1885 this week, the market will decline further to 1.1805. The pair is expected to drop lower towards at least 1.1711 with a view to test the last bearish wave. Technical analysis of GBP/USD for August 31, 2020 2020-08-31  Overview: The GBP/USD pair has faced strong support at the level of 1.3248 because resistance became support. So, the strong resistance has been already faced at the level of 1.3248 and the pair is likely to try to approach it in order to test it again. The level of 1.3248 represents a weekly pivot point for that it is acting as minor support this week. Furthermore, the GBP/USD pair is continuing to trade in a bullish trend from the new support level of 1.3248. Currently, the price is in a bullish channel. According to the previous events, we expect the GBP/USD pair to move between 1.3248 and 1.3368. Also, it should be noticed that the double top is set at 1.3368. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.3248 with the first target at the level of 1.3368. If the trend is be able to break the double top at the level of 1.3248 , then the 1.3248 market will continue rising towards the weekly resistance 2 at 1.3441. However, it would also be sage to consider where to place a stop loss; this should be set below the first support of 1.3211.
Author's today's articles: Mourad El Keddani  Was born in Oujda, Morocco. Currently lives in Belgium. In 2003 obtained B.S. in Experimental Sciences. In 2007 obtained a graduate diploma at Institut Marocain Specialise en Informatique Applique (IMSIA), specialty – Software Engineering Analyst. In 2007–2009 worked as teacher of computer services and trainer in a professional school specializing in computer technologies and accounting. In 2005 started Forex trading. Authored articles and analytical reviews on Forex market on Forex websites and forums. Since 2008 performs Forex market research, and develops and implements his own trading strategies of Forex analysis (especially in Forex Research & Analysis, Currency Forecast, and Recommendations and Analysis) that lies in: Numerical analysis: Probabilities, equations and techniques of applying Fibonacci levels. Classical analysis: Breakout strategy and trend indicators. Uses obtained skills to manage traders' accounts since 2009. In April 2009 was certified Financial Technician by the International Federation of Technical Analysts. Winner of several social work awards: Education Literacy and Non-Formal Education (in Literacy and Adult Education in The National Initiative for Human Development).
Languages: Arabic, English, French and Dutch.
Interests: Algorithm, Graphics, Social work, Psychology and Philosophy.
Subscription's options management Theme's:
Fundamental analysis, Technical analysis
Author's :
Alexandros Yfantis, Arief Makmur, Dean Leo, Mohamed Samy, Mourad El Keddani, Petar Jacimovic
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