EURUSD Might Target Yearly Lows on Dips Beneath 1.1740 Support

Azeez Mustapha
9 August 2021 | Updated: 9 August 2021

EURUSD Price Analysis – August 9

The EURUSD pair is holding above 1.1750 level, although a breach below this level would further empower the sellers. The pair fought to consolidate on its brief intraday rally, hovering well within easy reach of its yearly lows around 1.1704 which was reached earlier on March 31st. It fell further as markets reacted positively to robust US NFP statistics on Friday.

Key Levels
Resistance Levels: 1.1900, 1.1850, 1.1804
Support Levels: 1.1740, 1.1704, 1.1650
EURUSD Long term Trend: Bearish
On Monday, the EURUSD is navigating with a selling direction. The bearish bias, on the other hand, looks to have remained steady, and it will not be surprising to see sellers seek to break the crucial support level of 1.1740 in the coming sessions.

Regardless of this viewpoint, a deeper retreat to the crucial conflict territory around 1.1704 (March lows) remains unfavorable. The recently broken important sector in the mid 1.1700 areas, on the other hand, has now become the next objective of the importance of occasional bullish attempts.
EURUSD Short term Trend: Bearish
The short-term picture indicates that the current corrective bounce may continue, as the pair is blasting up around its moving averages 5 on the 4-hour chart. In the meantime, technical indicators are attempting a recovery steadily rising and entering positive territory.

The next major horizontal resistance level is at 1.1804, which the pair would need to break through to reverse its negative trend. While more pullbacks should not be ruled out just yet, the current rally needs to stay afloat at the 1.1750 level to stay on track; otherwise, it will continue to trend lower.

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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.