EURUSD Wave Analysis – 20 August, 2020

• EURUSD reversed from resistance level 1.1900

• Likely to fall to 1.1710

EURUSD recently reversed down with the daily candlesticks pattern Bearish Engulfing from the resistance level 1.1900 (top of the previous waves (iii) and 1) – standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 1.1900 stopped the earlier short-term impulse wave 3 from the start of August.

Given the clear triple bearish divergence on the daily Stochastic indicator – EURUSD is likely to fall further toward the next support level 1.1710 (low of the previous waves (iv) and 2).