FX.co ★ EUR/USD analysis for September 03 2020 - Potential for drop towards the 1.1705

Says that GOP are moving even further in the wrong direction

The battle rages on between US lawmakers on the coronavirus relief plan and Schumer's remarks above are pretty much the same as what we have heard for over a month now. The clock is ticking as we move further down the fiscal cliff, as time will tell how much of a hit the US economy faces in the coming months with this issue going nowhere.

As I discussed in the previous review, the EUR started the down cycle and in my opinion is heading to test major pivot support at 1,1760-1,1705.

Further Development

Analyzing the current trading chart EUR, I still expect more downside roation towards the 1,1760-1,1705.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lean Hogs and Palladium today and on the bottom Heating Oil and Lumber.

EUR is on the bottom of the list with no evidence of counter rection, which is good sign for further continuation.

Key Lvels:

Resistance: 1,1825

Support levels: 1,1760-1,1705