EURUSD may retest $1.07 level
EURUSD Price Analysis – 28 August
The price may drop much further toward the $1.06 and $1.05 barrier levels if sellers are successful in breaching the $1.07 support level. The price may advance in the direction of the $1.09 and $1.10 resistance levels if buyers are successful in keeping the price above the $1.08 barrier level.
EUR/USD Market
Key Levels:
Resistance levels: $1.08, $1.09, $1.10
Support levels: $1.07, $1.06, $1.05
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. A few weeks ago, the currency pair was profitable. The bulls had the sway. The bullish momentum push caused it to surpass a $1.12 threshold on July 18. Bears withstood the $1.12 level’s breaking up, despite the construction of an upward channel showing a bullish continuation pattern, there is still a negative trend. Price is currently battling for the $1.08 mark.
The fact that the EURUSD is currently trading lower than both the 9- and 21-period exponential moving averages shows that the bears are making progress. The price may drop much further toward the $1.06 and $1.05 barrier levels if sellers are successful in breaching the $1.07 support level. The price may advance in the direction of the $1.09 and $1.10 resistance levels if buyers are successful in keeping the price above the $1.08 barrier level.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. For more than two weeks, the currency pair has been under bearish pressure. The $1.09 support level was broken, and sellers continued apace. EURUSD has decreased below $1.09 and numerous sizable bearish candles have formed. The price may decline and level off at $1.07.
The price position below the 9- and 21-period moving averages indicates a downward trend. The Relative Strength Index’s period 14 signal lines are going downward and showing a sell signal at level 34.
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