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

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.