EURUSD Stays Offered Shy of 1.1800 As the Market Tone Worsens

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EURUSD Price Analysis – August 16

On Monday, the current bullish surge in EURUSD appears to have met some stiff opposition around the 1.1800 thresholds. The market is in a scenario where investors’ sentiment appears to favor the dollar so far, with the pair on the back foot and somewhat fades Friday’s big advance.

Key Levels
Resistance Levels: 1.1908, 1.1850, 1.1804
Support Levels: 1.1704, 1.1650, 1.1602
EURUSD Long term Trend: Ranging
The corrective decline can expand to the 5 moving average, which is currently at 1.1750 and is projected to restrict the bearish move for the time being. In the long run, the positive perspective on EURUSD is projected to remain constant as long as the pair trades above the yearly low and crucial support, which is currently at 1.1704.

In a larger sense, the rise from 1.1704 is the second phase of the trend that began with 1.1602. (low). We should also expect more growth against cluster resistance at 1.1900. As long as the 1.1704 support is held, this will remain the better case. Another trip to 2021 high, this time over the crucial level of 1.2350.
EURUSD Short term Trend: Ranging
In EURUSD 4 hour time frame, the intraday bias is still in place. On the plus side, a break of the 1.1804 level might extend the rally from the 1.1704 low to the 1.1908 July high-level re-test. The 1.1750 level breach, on the other hand, indicates that the 1.1804 level correction is widening by another step.

Intraday bias may go back to the downside for the 1.1704 marks and below. In other words, the EUR may trade between the main levels of 1.1804 and 1.1704 for a while. However, shorter-term bearish momentum has increased, and a test of the 1.1704 level is not out of the question.

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