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Sellers’ momentum increases in EURUSD market
EURUSD Price Analysis – 08 August
In case sellers are successful in breaking through the $1.09 support level, the price could fall much lower toward the $1.08 and $1.07 barrier levels. If buyers are able to keep the price above the $1.10 resistance level, the price may rise in the direction of the $1.11, and $1.12 resistance levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.10, $1.11, $1.12
Support levels: $1.09, $1.08, $1.07
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. The currency pair was bullish last week. The bullish pressure made it to hit a resistance level of $1.12 on 18 July, the bulls have been in control. Although, a bullish continuation pattern is demonstrated by the formation of an upward channel a bearish movement is ongoing when bears opposed the breaking up of the $1.10 level. The price may retest $1.08 level.
EURUSD is currently trading below both 9 and 21 period’s exponential moving average, which shows that the bears are gaining ground. If sellers are successful in breaking through the $1.09 support level, the price could fall much lower toward the $1.08 and $1.07 barrier levels. If buyers are able to keep the price above the $1.10 resistance level, the price may rise in the direction of the $1.11, and $1.12 resistance levels.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. Since two weeks ago, sellers have been under increasing pressure. The $1.12 resistance level was found, and sellers stood their ground there. Strong bearish candles have been formed, and the price is falling below the $1.09 mark. There is a chance that the cost will fall to $1.08 support level.
The price position below the 9-period moving average indicates a bearish trend. The Relative Strength Index’s period 14 signal lines are bending down and showing a sell signal at level 49.
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