EURUSD Falls Beneath 1.18 As the Market Sentiment Worsens

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EURUSD Price Analysis – July 19

EURUSD is selling beneath 1.18, increasing its losses amid fears about rising US inflation and the spread of the Delta covid strain. In times of turmoil, the greenback gains from capital flows as the challenges weigh on the market mood.

Key Levels
Resistance Levels: 1.2050, 1.1975, 1.1870
Support Levels: 1.1704, 1.1602, 1.1422
EURUSD Long term Trend: Ranging
EURUSD has sunk to fresh multi-day lows, as seen on the daily chart, after extending the recent breach beneath the moving averages 5 and 13 at the 1.18 level. This exposes the possibility of a deeper pullback and a re-test of the psychological support around 1.1740. Under the 1.1800 level, the euro’s underlying bullish attitude is in jeopardy.

At the present, the pair is down 0.30 percent at 1.1765, with immediate resistance at 1.1804 level, followed by 1.1870, and eventually 1.1975 in the immediate. A breach of the 1.1870 level to the upside might take the price to the 1.1975 (2021 Jun. 25) level, en route to the 1.2050 levels.
EURUSD Short term Trend: Bearish
In the meanwhile, the EURUSD intraday bias is now skewed downwards. A break of the horizontal support at 1.1740 might signal the start of the next phase, with a 100 percent forecast of 1.2350 to 1.1975 levels from 1.2266 at 1.1700. On the upside, a break over the modest resistance level of 1.1804 might shift the intraday bias to neutral.

On the downside, the 1.1740 zones provide initial support. The next important level of support is around the 1.1700 marks. Nonetheless, the RSI has not yet reached oversold territory, allowing for more selling. A breach below the 1.1740 horizontal support might lead to a deeper loss, with investors targeting a move beneath the 1.1700 level.

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