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EURUSD Price Analysis – August 17
EURUSD posts increase for Monday’s 5th straight session, extending last week’s rebound of 1.1700 low level. The ongoing weakness in the greenback continues to sustain the upside momentum, as normal. The attention of markets remains constant on the U.S. political scene, where another fiscal stimulus package awaits approval by U.S. legislators.
Key Levels
Resistance Levels: 1.1980, 1.1940, 1.1916
Support Levels: 1.1806, 1.1709, 1.1685
EURUSD Long term Trend: Bullish
The pair is currently gaining 0.24 percent at 1.1867 level, and a breakout of 1.1916 level (2020 high Aug.6) will be attempting 1.1996 (May 14, 2018) on the way to 1.2032 (higher) level. On the contrary, initial contention is seen at a level of 1.1685 (monthly low Aug.3), followed by a level of 1.1495 and finally a low level of 1.1422.
The level increase from 1.0635 is regarded as the third step of the trend from level 1.0339 (low). Cluster resistance at 1.2555 next level (38.2 percent retraction from 1.0635 to 1.0339 at 1.2000 levels) is seen as a yet more upswing. As long as 1.1422 resistance level turned support holds, this may stay as the supported scenario.
EURUSD Short term Trend: Bullish
For the present time, the intraday bias in EURUSD holds firm. Consolidation could perhaps broaden from level 1.1916. So long as there is a support level of 1.1709, more raise is in support. On the positive side, a change of level 1.1916 will continue a relatively large increase from level 1.0635.
After that, the near-term goal would be a forecast of 61.8 percent from 1.1350 to 1.1916 levels at 1.2000 levels. Nonetheless, on the negative, breach of 1.1709 level will be topping short-term. The intraday bias will be turned back downwards towards level 1.1495.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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