EURUSD Price Analysis – August 27
Should the Bulls able to break up the just mentioned level, the price may rally towards the resistance level of $1.1185. In case the bears defend the resistance level of $1.1119, the price may drop to the previous low of $1.1035
Resistance levels: $1.1119, $1.1185, $1.1237
Support levels: $1.1035, $1.0933, $1.0849
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. The Bears hold tight to the EURUSD market and the price still maintains bearish momentum. There was four days consolidation last week within the price levels of $1.1119 and $1.1035. On August 23, the Bulls broke up the resistance level of $1.1119 and the price moved towards the resistance level of $1.1185. The uptrend movement was resisted by the dynamic resistance of 21 periods EMA. Yesterday, the strong massive bearish candle was produced that pushed down the price towards the previous low and the currency pair closed below the $1.1119 level.
The Bulls opened the EURUSD market today pushing up the price to retest the resistance level of $1.1119. Should the Bulls able to break up the just mentioned level, the price may rally towards the resistance level of $1.1185. In case the bears defend the resistance level of $1.1119, the price may drop to the previous low of $1.1035. Meanwhile, the price is trading below the 21 periods EMA and 50 periods EMA. The stochastic oscillator period 14 is above 20 levels and the signal lines pointing up to indicate buy signal which may serve as a pullback for the downtrend.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. The bearish momentum pushed the price to reach the level of $1.1035 on August 23. The price bounced and rallied towards the north and break up the resistance level of $1.1119. On August 25, a Doji evening star formed which is a bearish reversal signal, the price pulled back to retest the broken level. As at the moment, the price is consolidating below the $1.1119 price level.
The two EMAs are horizontally flat below the $1.1119 level and the price is hovering over the two EMAs as a sign of consolidation. The stochastic oscillator period 14 is at 50 levels trying to bend up to indicate buy signal provided the Bulls can break up the $1.1119 level.
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