EURUSD Price Analysis – August 08
When there is a breakout at $1.02 resistance level by the bulls, it may increase the price to resistance levels at $1.03 and $1.04. In case the Bears penetrate the support level of $1.01 and daily candle close below it, then, the price may follow the bearish trend towards the $1.01 and $1.00 and $0.99 support levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.02, $1.03, $1.04
Support levels: $1.01, $1.00, $0.99
EURUSD Long-term Trend: Ranging
On the long term outlook, EURUSD is on the ranging movement. Two weeks ago, the currency pair declined to the low of $0.99 support level. The formation of bullish engulfing candle at the just mentioned support level triggered a bullish momentum. EURUSD increased and tested the resistance level of $1.02. Bulls’ momentum failed to break up the $1.02 resistance level. At the moment, the price is dangling within the resistance level of $1.02 and the support level of $1.01. EURUSD may increase above the resistance level of $1.02.
EURUSD is hovering over the 9 period EMA and 21 period EMA. The bulls’ and bears’ momentum are at logger heads against each other. When there is a breakout at $1.02 resistance level by the bulls, it may increase the price to resistance levels at $1.03 and $1.04. In case the Bears penetrate the support level of $1.01 and daily candle close below it, then, the price may follow the bearish trend towards the $1.01 and $1.00 and $0.99 support levels.
EURUSD medium-term Trend: Ranging
EURUSD is ranging on the medium-term outlook. The currency pair is dangling within the resistance level of $1.02 and the support level of $1.01. The bulls’ pressure is not strong enough to break up the resistance level of $1.02. Likewise, the bears’ momentum is weak to break down the support level of $1.01. The price is awaiting a breakout.
The fast moving EMA is twisting with the slow moving EMA. The price is trading around the fast and slow moving EMAs. The Relative Strength Index period 14 is at 54 levels with the signal lines displaying bullish direction.
