01.09.202014:34 Forex Analysis & Reviews: Technical analysis of EURUSD for September 1st, 2020

Long-term review

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EURUSD remains in a bullish trend making new higher highs and higher lows. Price remains inside the bullish channel and is now challenging the 1.20 level. My next target as we said in previous posts was at 1.21.

Blue lines -bullish channel

Green rectangle -target area

Purple line - expected path

Red lines - Fibonacci extension target

EURUSD is approaching my target area. My target will be fulfilled if price reaches 1.2060 which is the 261.8% Fibonacci extension of the first leg up that started back in March 2020 around 1.0630 and ended around 1.1140 at the end of same month. So far there is no reversal sign. However I expect EURUSD to make a short-term top around that green rectangle area. I will then expect a pull back towards 1.18-1.16 area.

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