Daily technical analys 12.08.2020

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  • Post category:Forex

EUR/USD Current level – 1.2108

Yesterday, the bearish move was limited around the support zone at 1.2082, after which the price snapped back towards the resistance at 1.2174. Despite the fact that the pair did not manage to violate the 1.2174 level, the bullish case is still intact and the more likely scenario for today is for a move above the mentioned resistance. If the bears prevail and breach the support at 1.2082, we could see a deeper sell-off towards the 1.1988 level, where bulls are expected to enter the market should this scenario materialise. The ZEW Economic sentiment for Germany and the Preliminary GDP data for the Eurozone, both due at 10:00 GMT, could be expected to spark some volatility

resistance
intradayintraweek
1.21231.2240
1.21741.2340
support
intradayintraweek
1.20821.1925
1.19881.1889