EURUSD Daily Analysis – August 5, 2020

EURUSD is forming a sideways consolidation in a trading range between 1.1695 and 1.1908. As long as the price is above the rising trend line on the 4-hour chart, the upside movement from 1.1168 could be expected to resume, and further rise to 1.2000 area is still possible after the consolidation. On the downside, a breakdown below the trend line support would indicate that the upside movement had completed at 1.1908 already, then deeper decline to 1.1450 area could be seen.

EURUSD 4-hour chart