EURUSD Price Analysis – August 19
Bearish momentum may continue which may eventually lead to further decrease in price that may push the price to reach the previous low of $1.1035.
EUR/USD Market
Key Levels:
Resistance levels: $1.1119, $1.1185, $1.1237
Support levels: $1.1035, $1.0933, $1.0849
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. The currency pair was ranging within the $1.1237 and $1.1185 price level last two weeks. It was on August 13 a strong massive bearish candle emerged and broke down the former demand level of $1.1185, the candle closed below the level. Followed the breakout was the formation of another two strong bearish candles that penetrated the $1.1119 price level downside. The currency pair declined towards the demand level of $1.1035.
Today, EURUSD market was initially controlled by the Bulls, later the Bears rejected further increase and the price decreased under the pressure of the Bears. Trading of the EURUSD continues below the 21 periods EMA and 50 periods EMA at a distance between the price and the EMAs. Bearish momentum may continue which may eventually lead to further decrease in price that may push the price to reach the previous low of $1.1035. Meanwhile, the stochastic Oscillator period 14 is at 40 levels with the signal lines pointing down to indicate a strong sell signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. The consolidation experienced in EURUSD market last two weeks lasted for a week. The Bears eventually prevailed on August 13 and the price decreased towards the demand level of $1.1035 after penetrating the former demand level of $1.1119. The price is currently targeting the $1.1035 price level.
The stochastic Oscillator period 14 is above 25 levels and the signal lines pointing down which indicates a further reduction in price.
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