EURUSD Price: Will It Reduce to $0.98 Level?

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EURUSD Price Analysis – September 05

When the bears’ momentum break down the support level of $0.98, the price may reach support levels of $0.97 and $0.96. Should the buyers push up the price above the resistance level of $0.99, the price may increase to test the resistance level of $1.00 which may extend to $1.01 level

Key Levels:

Resistance levels: $0.99, $1.00, $1.01

Support levels: $0.98, $0.97, $0.96

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. The bearish movement continues on the daily chart. Last week price was trading within the resistance level of $1.00 and the support level of $0.99.  Today, price decreases further with the aid of bears’ pressure. The price tested the support level of $0.98. the buyers are trying to oppose further price reduction.

The sellers’ 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 $0.98, the price may reach support levels of $0.97 and $0.96. Should the buyers push up the price above the resistance level of $0.99, the price may increase to test the resistance level of $1.00 which may extend to $1.01 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: Ranging

EURUSD is on the ranging movement in the medium-term outlook. The bearish momentum has pushed the price to the low of $0.98 level. The sellers are defending the just mentioned level thereby make it difficult for the sellers to break down the level. The price started a ranging movement within $0.99 and $1.01. Ranging movement continues until a breakout.

The price is trading over and 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 41 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.