August 5, 2020 EUR / USD Analysis

August 5, 2020 EUR / USD Analysis

• EUR / USD is moving to the weekly summit above 1.18 points. • Final services / Composite PMIs in the euro area are on the next agenda. USA ADP, ISM Non-Manufacturing, comes next in the NA session. The euro has regained value over the past few sessions and is now raising the EUR / USD above the weekly range above the 1.18 level. EUR / USD Focused on US Data The EUR / USD is rising on Wednesday, contributing to the resumption of the buying trend above 1.18 level in the second session. On the dollar side, after the growing debate in line with an extra incentive package to counteract the impact of the outbreak on US households, all attention has been turned over US politica. On the euro side, the final PMI Services for July came under pre-pressures, although all remain in the expansion zone. However, in the region, Retail sales of June are expected to increase by about 6% compared to the previous month and be below about 18% of May. Currently, the pair gained 0.13% to 1.1817, and a break of 1.1909 could target 1.1996 (the high of 14 May 2018) towards 1.2032 (23.6% Fibo of the 2017-2018 rally). The downward retreat first appears at the level of 1.1709 (38.2% Fibo of the 2017-2018 rally) and then the level of 1.1495 and finally the level of 1.1448 (50% Fibo of the 2017-2018 rally).