EURUSD Might Target Yearly Lows on Dips Beneath 1.1740 Support

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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.

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