EURUSD Rises Past 1.1700, With Limited Potential on Dismal Euro Data


EURUSD Price Analysis – August 23

During the American session at the start of the week, the EURUSD pair traded near a daily high of 1.1743, extending Friday’s rally off lows near the 1.1660 level. In August, however, data in Euroland showed that German and EMU PMIs fell short of forecasts.

Key Levels
Resistance Levels: 1.1908, 1.1850, 1.1804
Support Levels: 1.1704, 1.1650, 1.1602
EURUSD Long term Trend: Bearish
The EURUSD pair extends Friday’s recovery from new 2021 lows near 1.1660 to the 1.1700 level and beyond at the start of the week. Recent oversold conditions in the pair sparked a corrective move, which now finds resistance in the 1.1800 area.

Above 1.1800, selling pressure is likely to weaken, allowing the spot to climb to 1.1900, where it is expected to struggle. In the meanwhile, the pair has a bearish medium-term view when trading below the crucial moving average of 13, which is currently at 1.1750.
EURUSD Short term Trend: Bearish
The EURUSD pair stays negative in the short term from a technical standpoint and according to the 4-hour chart. Although the price of the pair climbed after approaching a bullish crossover of the moving average 5 over moving average 13 on the 4-hour chart.

Meanwhile, the pair is confronting a short-term barrier at 1.1750, while technical indicators are moving upward. If the pair rises above 1.1750, the immediate resistance level, further gains are likely to approach the 1.1804. Just over 1.1700, the pair is flirting with the crucial 1.1750. If the latter is surpassed on a short-term basis, it should open the way for more gains in the near future.

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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.