FX.co ★ EUR/USD analysis for September 08 2020 - Breakout of the dfirt pattern on weekly time-frame and potetnial for drop towards 1.1700

• Prior 98.8

Small business optimism rose slightly more than estimated in August, but the bounce owes much to a recovery in job-creation plans. That reaffirms some hope that labour market conditions will improve but there is a continued rise in overall uncertainty among businesses on the outlook moving forward. NFIB notes that:

"We are seeing areas of improvement in the small-business economy, as job openings and plans to hire are increasing, but many small businesses are still struggling and are uncertain about what the future will hold."

As I discussed in the previous review, the EUR managed to break the drift pattern on the weekly time-frame and confirm even bigger drop.

Further Development

Analyzing the current trading chart of EUR, I found that sellers are in control and there is the breakout of the drift pattern, which is strong sign for further drop.

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 Heating Oil and Crude Oil.

Key Levels:

Resistance: 1,1820

Support levels: 1,1700 nd 1,1500