EURUSD Price Rebound at $0.99 Support Level

Updated:

EURUSD Price Analysis – August 29

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. When the bears’ momentum break down the support level of $0.99, the price may reach support levels of $0.98 and $0.97.

Key Levels:

Resistance levels: $1.00, $1.01, $1.03

Support levels: $0.99, $0.98, $0.97

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. The currency pair was bearish last week market. The resistance level of $1.03 was tested on August 10. Sellers gained more pressure and more daily bearish candles were produced. The price decrease towards the previous low at the support level of $0.99. The just mentioned level was tested last week and the price commenced ranging movement $1.00 and $0.99 levels.

The sellers’ pressure has penetrated the two EMAs downside. EURUSD is trading below the 9 periods EMA and the 21 periods EMA. 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. When the bears’ momentum break down the support level of $0.99, the price may reach support levels of $0.98 and $0.97. 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. The price action on the 4-hour chart is trying to form a double bottom chart pattern. Last week, the price was decreasing and the support level of $0.99 was tested. The just mentioned level was tested thrice which indicate that bulls may rule the market for certain period.

The price is trading below the 9 periods EMA and 21 periods EMA, the two EMAs are not separated from each other as a sign of low bearish and bullish momentum in the market. Relative Strength Index period 14 is pointing up at 48 levels which indicate a buy signal.

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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.