EURUSD Bulls Take a Breather Beneath the High Level at 1.1452 As Upcoming Fundamentals Weigh In on Markets

EURUSD Bulls Take a Breather Beneath the High Level at 1.1452 As Upcoming Fundamentals Weigh In on Markets

EURUSD Price Analysis – July 16

EURUSD bulls reached the highest point since March at 1.1452 level before taking a breather beneath. However, it retains much of its momentum in what appears to be an essential and modest downside correction before the next bounce back as potential Markets fundamentals weigh in.

Key Levels
Resistance Levels: 1.1495, 1.1452, 1.1422
Support Levels: 1.1350, 1.1257, 1.1183
EURUSD Long term Trend: Bullish
As seen on the daily, EURUSD resumed its march northward, breaching the level of resistance of 1.1422 before taking a breather at 1.1452 level. The pair is now trading beneath level 1.14. If the pair fails to reach the new-found threshold again, this will place in question the upside potential of the common currency, prompting several buyers to exit the market, leading to a selloff.

Therefore, to keep the pair on an upward trajectory, fast-growth beyond 1.1452 level is required. This would open the gates for a potential breach beyond level 1.1495. Conversely, further 1.1452-level rejection may probably generate a re-test of the ascending trendline and the moving average of 5, currently at 1.1371 level.
EURUSD Short term Trend: Bullish
EURUSD pair trading on the four-hour chart is beyond the ascending trendline and traction stays upside. The Relative Strength Index is beneath 70 and is thus under overbought conditions and allowing for an additional increase.   

From a technical point of view, the bias stays strongly skewed in favor of bullish traders. Consequently, any potential fall to the breakpoint of the support level at 1.1350 still may be seen as an opportunity to buy. Anticipate the EURUSD pair to retry a 1.1452 level breach before 1.1500 while the immediate support is at 1.1371 level.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.