EURUSD Price May Bounce Up at $1.08 Level
Login

EURUSD Price May Bounce Up at $1.08 Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

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