EURUSD Price: Bullish Breakout Envisaged at $1.02 Level

EURUSD Price Analysis – August 08

Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06. In case the Bears penetrate the support level of $1.01 and daily candle close below it, then, the price may embark on bearish trend towards the $1.01 and $1.00 and $0.99 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.02, $1.03, $1.04

Support levels: $1.01, $1.00, $0.99

EURUSD Long-term Trend: Ranging

EURUSD is ranging on the long term outlook. When the price declined to the low of support level at $0.99 last two weeks. The formation of bullish engulfing candle at the just mentioned support level triggered a bullish momentum. The price increased and reached the resistance level of $1.02. Bulls’ momentum is not enough to break up the $1.02 level. The price is currently ranging within the resistance level of $1.02 and the support level of $1.01. There is tendency for the price to increase beyond the resistance level of $1.02.

EURUSD is trading around the 9 period EMA and 21 period EMA. The bulls’ and bears’ momentum seems to be equal and breakout is imminent. Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06. In case the Bears penetrate the support level of $1.01 and daily candle close below it, then, the price may embark on bearish trend towards the $1.01 and $1.00 and $0.99 support levels.

EURUSD medium-term Trend: Ranging

EURUSD is ranging on the medium-term outlook. The bulls’ pressure is not strong enough to break up the resistance level of $1.02. Likewise, the bears’ momentum is weak to break down the support level of $1.01. The price may break up the resistance levels of $1.02 as bulls increase their momentum. The price is currently ranging within $1.02 and $1.01 levels.

 The fast moving EMA is interlocking with the slow moving EMA. The price is trading around the fast and slow moving EMAs. The Relative Strength Index period 14 is at 49 levels with the signal lines displaying no specific direction.