Technical analysis

EURUSD Wave Analysis – 2 September, 2020

• EURUSD reversed from resistance level 1.1960

• Likely to fall to 1,1800

EURUSD recently reversed down sharply from the resistance level 1.1960 (top of the previous impulse wave 1) standing close to the upper daily Bollinger Band and the major resistance level 1.2.

The downward reversal from the resistance level 1.1960 created the daily reversal pattern Shooting Star.

Given the bullish divergence on the daily Stochastic – EURUSD is likely to fall further toward the next support 1,1800 (low of the previous correction 2 from last month).

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