EURUSD technical analysis 01.09.2020

EURUSD

The pair is testing the resistance line of the “rising flag” trend continuation pattern. It’s supported by the globally weak US dollar following the Fed’s new inflation target and rising demand for risk assets corporate stocks.

Technical side:

The price is at the level of the upper Bollinger band, above SMA 5 and SMA 14. RSI is in the overbought zone. Stoch are located under this zone and are uninformative.

The pair will continue to grow either after a corrective pullback down to 1.1950, or immediately after breaking through 1.1985 with the possibility of further growth to 1.2085.