EURUSD Price: Bulls Defend $1.03 Level, Bearish Trend Commences

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EURUSD Price Analysis – August 15

Ability to break down $1.01 support level by the bears may decrease the price to support levels at $1.00 and $0.99. In case the Bulls penetrate the resistance level of $1.02 and daily candle close above it, then, the price may resume to bullish trend towards the $1.02, $1.03 and $1.04 resistance 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: Bearish

EURUSD is bearish on the long term outlook. The formation of an inverted head and shoulder chart pattern at the support level of $0.99 triggers the bullish movement. The bullish pressure pushed the price to the resistance level of $1.03. The just mentioned level holds the price and the buyers could not break up the mentioned level. The price is currently pulling back towards the support level of $1.01. Further price decrease is possible.

EURUSD is trading below the 9 period EMA and 21 period EMA. It seems bears’ momentum is increasing in the daily chart. Ability to break down $1.01 support level by the bears may decrease the price to support levels at $1.00 and $0.99. In case the Bulls penetrate the resistance level of $1.02 and daily candle close above it, then, the price may resume to bullish trend towards the $1.02, $1.03 and $1.04 resistance levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. The price breaks out at the resistance level of $1.02 and tested the $1.03 resistance level. The bulls’ pressure is not strong enough to break up the resistance level of $1.02. The price reverses and break down the $1.02 level. It is currently heading towards the support level of $1.01.

The fast moving EMA has crossed the slow moving EMA downside. The price is trading below the fast and slow moving EMAs. The Relative Strength Index period 14 is at 36 levels with the signal lines displaying bearish direction.