EURUSD Price: Bulls Are Gathering Momentum to Break Up $1.02 Resistance Level
Login

EURUSD Price: Bulls Are Gathering Momentum to Break Up $1.02 Resistance Level

Estimated Reading Time: 2 minutes

Azeez Mustapha

Updated:


EURUSD Price Analysis – August 01

Should 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 $1.00 and $0.99 support levels. Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06.

EUR/USD Market

Key Levels:

Resistance levels: $1.02, $1.04, $1.06

Support levels: $1.01, $1.00, $0.99

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. The price decline to the low of support level at $0.99 last two weeks. A bullish momentum was triggered with the formation of bullish engulfing candle. The price reached the resistance level of $1.02. The price is currently ranging within the resistance level of $1.02 and $ support level of $1.01. There is tendency for the price to increase beyond the resistance level of $1.02.

EURUSD has broken the 9 period EMA and 21 period EMA upside. Bulls are trying to break up the $1.02 resistance level, which indicate an increase in the bulls’ momentum. Should 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 $1.00 and $0.99 support levels. Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The bulls are gathering momentum to dominate EURUSD market fully. The price action formed an inverted head and shoulder chart pattern. The price may increase this week and the resistance levels of $1.01 may be broken upside. The price is currently ranging within $1.02 and $1.01 levels.

The fast moving EMA is slowly crossing the slow moving EMA upside. The price is trading above the fast and slow moving EMAs. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.

You can purchase Lucky Block here.  Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News