EURUSD Price Analysis – August 12
There is a tendency for the price to reverse at the demand level of $1.1119 in case the Bulls defend the level. Should the Bears exert more pressure, the level may give way and the price decrease further to $1.1035 level
Resistance levels: $1.1237, $1.1299, $1.1349
Support levels: $1.1185, $1.1119, $1.1035
EURUSD Long-term Trend: Ranging
On the long term outlook, EURUSD is ranging. The Bears pushed EURUSD to found a support at $1.1035 price level on August 01. A daily candle formed a pin bar at the level, which is a bullish reversal candle and the price soared towards the north side; the former resistance levels of $1.1119 and $1.1185 were penetrated upside. Further increase in the price of EURUSD was resisted at the resistance level of $1.1237 and the Bears also have weak pressure, unable to break down the support level of $1.1185. The pair is ranging within the just mentioned levels.
The currency pair is trading between the 21 periods EMA and 50 periods EMA and this is the position the EURUSD has been trading for more than five days. The stochastic Oscillator period 14 is at 80 levels with the signal lines pointing up to indicate a buy signal. In case the Bulls were able to penetrate the resistance level of $1.1237 the pair will target the resistance level of $1.1299. On the other hand, should the Bears break down the support level of $1.1185 the next level to focus on is $1.1119.
EURUSD medium-term Trend: Ranging
EURUSD is ranging on the medium-term outlook. EURUSD touched the resistance level $1.1237 twice; the first time was on August 05, it pulled back to retest the support level of $1.1185, it formed a cup shape and retest the level on August 07 to complete the cup shape. After this scenario, the pair started consolidating within the $1.1237 and $1.1185 levels.
The stochastic Oscillator period 14 is at 75 levels and the signal lines pointing up which indicates buy signal.
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