FX.co ★ EUR/USD analysis for August 19 2020 - EUR is heading to test our third target at 1.1990. No signs of any reversal yet

Latest data released by Eurostat - 19 August 2020

No change to initial estimates as this just reaffirms a modest bounce in inflation pressures last month despite the fallout from the virus crisis. That said, we'll have to see how the trend develops over the coming months to have a better sense of how price pressures are progressing moving forward.

As I discussed in the previous review, the EUR is holding the gains with no bigger downside reaction yet and I see that there is more potential for upside towards our third upside target at 1,1990.

The level at 1,1905 seems like solid support pivot and you should watch carefully for the price action around it.

Further Development

Analyzing the current trading chart, I found that the buyers are holding nicely today and there is potential for another up swing in the next period.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got VIX and Orange Juice today and on the bottom Lean Hogs and Gasoline RBOB.

Key Levels: