EURUSD Price Analysis – August 20
The Euro is consolidating after the fall of the previous day, with a pullback from the new (1.1965 level) multi-month high so far looking like a stable correction, but the risk of further falling remains at stake. The downside risk to a monthly low level at 1.1700 increases, as the pair, corrects lower.
Key Levels
Resistance Levels: 1.1980, 1.1940, 1.1916
Support Levels: 1.1806, 1.1709, 1.1685
EURUSD Long term Trend: Bullish
The technical perspective of the ongoing correction follows recent overbought levels and is bolstered by the daily RSI bearish divergence. In case the sellers regain some (temporary) control, the 1.1709/1.1685 band is required to offer solid contention.
The continuation of the bull run may see the psychological 1.20 neighborhood re-tested in another stage, most likely in the medium-term range. Any successful step may now face initial resistance near the transition point of support for the channel, around the region of 1.1852.
EURUSD Short term Trend: Ranging
Intraday bias in EURUSD is transformed neutral as a temporary top was established after the eventual retreat at 1.1965 level. Some consolidations may be seen but as long as the 1.1709 support level stays, a further increase is anticipated. A level breach of 1.1965 may restart the entire rally from level 1.0635.
Even so, given the state of bearish divergence in 4 hrs RSI, a breach of 1.1709 level may validate short-term topping. For the ascending trendline support (now at 1.1606 level) the intraday bias is turned back to the downside.
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