EURUSD Price Is Targeting Previous Low at $0.90 Level

EURUSD Price Analysis – August 22

When the bears’ momentum break down the support level of $0.99, the price may reach support levels of $0.80 and $0.70. In case the buyers push up the price above the resistance level of $1.00, the price may increase to test the resistance level of $1.01 which may extend to $1.03 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.00, $1.01, $1.03

Support levels: $0.90, $0.80, $0.70

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. The currency pair pulled back at the early stage of last week market at$1.03 level. The resistance level of $1.03 was tested. Sellers returned to market and more daily bearish candles were produced and the price decline towards the support level of $1.00. The just mentioned level was tested on August 18. More pressure from the bears broke down the just mentioned level and the previous low of 40.99 is the target at the moment.

The bears’ pressure has penetrated the two EMAs downside. EURUSD is trading below the 9 periods EMA and the 21 periods EMA. When the bears’ momentum break down the support level of $0.99, the price may reach support levels of $0.80 and $0.70. In case the buyers push up the price above the resistance level of $1.00, the price may increase to test the resistance level of $1.01 which may extend to $1.03 level. The Relative Strength Index period 14 is at 35 levels with the signal line pointing down to indicate a sell signal.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. After the break down of the former support level of $1.02, sellers have been in control of the market. On 4-hour chart, the price is decreasing and $1.02 and $1.01 levels were penetrate downside. The price is heading to previous low at $0.99 level.

The price is trading below the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of strong bearish momentum in the market. Relative Strength Index period 14 is pointing down at 23 levels which indicate a sell signal.

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