Positive Momentum Dominates EURUSD While Pushing Higher to Test Past Level at 1.1750

Positive Momentum Dominates EURUSD While Pushing Higher to Test Past Level at 1.1750

EURUSD Price Analysis – July 27

Earlier on Monday EURUSD reported new 23-month peaks in the 1.1750 area, extending the positive momentum to the present session. The latest progress reached Monday’s new 23-month high as the single currency is also boosted by growing tensions between the US and China dragging greenback to the lowest levels in almost two years.

Key Levels
Resistance Levels: 1.1902, 1.1816, 1.1750
Support Levels: 1.1606, 1.1422, 1.1183
EURUSD Long term Trend: Bullish
Last week, EURUSD sustained upward pressure and undermined the high level of 1.1570 in 2019 and the retracement level of 1.1596 by 50 percent of the drop from 2018. The pair has now risen to new highs beyond level 1.1750. Initial support lies at 1.1495 level at the March peak. Presumably, the two-month uptrend at 1.1371 level will contain declines lower.

As per the technical analysis, the MAs reinforce the upside trend a little beyond horizontal lines, while the RSI is lingering with a positive structure in the overbought area, however, shortly negative correction may be on deck.
EURUSD Short term Trend: Bullish
The upward trend in EURUSD persists unabated and has hit a level of 1.1764 so far. Intraday bias stays on the upside with a prediction of 100 percent from 1.0774 to 1.1422 from 1.1183 at the next level. On the contrary, the intraday bias may switch neutral and put consolidations initially beneath the 1.1606 minor support level.

EURUSD has hit the “overbought region,” as we’ve seen in the 4-hour chart. But 1.1422 resistance turned support level might include a retrace to bring about a continuation of the advance. This may stay the preferred scenario as long as support level 1.1183 persists.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.