Buyers’ momentum may increase in EURUSD market
EURUSD Price Analysis – 21 August
In case sellers are successful in breaking through the $1.08 support level, the price could fall even more toward the $1.07 and $1.06 barrier levels. If buyers are successful in sustaining the price above the $1.09 barrier level, the price may rise in the direction of the $1.10 and $1.11 resistance levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.10, $1.11
Support levels: $1.08, $1.07, $1.06
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. The currency pair was profitable a few weeks ago. The power was with the bulls. On July 18, it surpassed a barrier level of $1.12 thanks to the bullish momentum push. Although the formation of an upward channel displays a bullish continuation pattern, there is still a bearish movement because bears resisted the $1.12 level’s breaking up. Price is now vying for the $1.08 threshold.
EURUSD is currently trading below both the 9- and 21-period exponential moving averages, which suggests that the bears are gaining ground. If sellers are successful in breaking through the $1.08 support level, the price could fall even more toward the $1.07 and $1.06 barrier levels. If buyers are successful in sustaining the price above the $1.09 barrier level, EURUSD may rise in the direction of the $1.10 and $1.11 resistance levels.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. For more than two weeks, the currency pair has been under negative pressure. The $1.09 support level was penetrated by sellers, who maintained their momentum. There have been multiple sizable bearish candles made, and the price fall below the $1.09 mark. The price could decrease and move down to the $1.08 level.
A negative trend is indicated by the price position below the 9- and 21-period moving average. The period 14 signal lines for the Relative Strength Index are pointing downside and displaying a sell signal at level 38.
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