FX.co ★ EUR/USD analysis for August 28 2020 - Potential for the downside rotation towards the 1.1880

Further comments by Merkel

• Hearing that there are hopeful approaches for developing a vaccine
• Says Germany is to spend most of EU funds on existing programs
• Says Germany is to get around €22 billion from recovery fund

Merkel laying down some expectations over how life will be over the next few months at the very least for Germany and/or Europe for the most part.

As smoothly as the economic recovery has been progressing, the fact remains that global travel is something that is unlikely to resume any time before the end of the year.

cted to start in September with Phase 3 set to be conducted by the end of the year.

EUR/USD did have the upside breakout but I found that buyers are losing power at 1,1910 and there is potential for the downsire totation till end o the day.

The level at 1,1925 seems like important pivot level resistane for EUR.

Further Development

Analyzing the current trading chart fo EUR, I found that the buyers got exhausted today and the downside roattion would be probably to correct strong upside movement from earlier this morning.

Watch for potential selling opportunities and potential test of 1,1880 and 1,1850

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lumber and SIlver today and on the bottom Orange Juice and Nikkei 225.

Key Lvels:

Resistance: 1,1925

Support levels: 1,1880 and 1,1850