EURUSD Extends Corrective Downside Beneath 1.1800 Level

EURUSD Price Analysis – September 3

In the second half of the week, the selling bias stays consistent around the common currency, with EURUSD challenging 5-day lows initially while expanding corrective downside beneath 1.1800 level. Besides that, USD-dynamics continues to be the primary catalyst for the global market price action.

Key Levels
Resistance Levels: 1.2011, 1.1965, 1.1916
Support Levels: 1.1750, 1.1685, 1.1606
EURUSD Long term Trend: Bullish
The pair presently drops 0.31 percent at level 1.1814 and confronts the next support at level 1.1750 (low) seconded by level 1.1709 (low) and finally level 1.1685 (low). On the other side, a leap beyond 1.2011 (2020 high Sep.1) may attempt a level of 1.2032 heading to 1.2413.

In the larger context, the downtrend from the level 1.2555 (high) has already ended at level 1.0635. The increase from level 1.0635 is seen as the third stage of the trend from level 1.0339 (low). As long as the 1.1422 resistance level turned support remains, it may persist in the preferred scenario.
EURUSD Short term Trend: Ranging
Intraday bias in EURUSD initially loses ground with an emphasis on the support level of 1.1750. As long as this support continues, a further increase is still in progress, and the 1.2011 level breach may restore the entire growth from the 1.0635 mark.

A strong breach of the 1.1750 support level, though, may validate short-term topping and transform bias to the downside for a wider pull back, to horizontal support level (now at 1.1606) and down. Some follow-through buying of USD nevertheless led to the corrective pullback of the EURUSD pair.

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