EURUSD Price Finds Support at $1.17 and Bounces – Cryptovibes.com – Daily Cryptocurrency and FX News

EURUSD Price Analysis – August 16

In case more pressure is exerted by the bulls after the pullback, EURUSD will increase to $1.18 level, it may break it up and soar towards $1.19 and $1.20 price levels. Below the $1.17 support level, the price may decrease to test the support level of $1.16 and $1.15 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.18, $1.19, $1.20

Support levels: $1.17, $1.16, $1.15

EURUSD Long-term Trend: Bearish

EURUSD is bullish on the long-term outlook. The currency pair tested the support level at $1.16 on August 10. Marubozu candle pattern formed; it is a bullish reversal symbol. A strong daily bullish candle emerged and broke up the former resistance level of $1.17. The price reached the dynamic resistance level. Today, the bears seems to increase their momentum to carry out a price retracement towards the broken level.

EURUSD has penetrated the fast moving average (9) upside but yet to penetrate slow moving average (21 EMA) upside. Trading between the two EMAs which is an evidence of a bullish momentum. In case more pressure is exerted by the bulls after the pullback, EURUSD will increase to $1.18 level, it may break it up and soar towards $1.19 and $1.20 price levels. Below the $1.17 support level, the price may decrease to test the support level of $1.16 and $1.15 level. The relative strength index period 14 is bending down at 40 level as a sell signal which may be a pullback.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair was under the bears’ control last week until the support level of $1.16 is tested. Further price decrease was rejected at $1.17 and the price change direction towards north side. $1.17 resistance level is broken upside and increases toward the $1.18 level. It is currently pulling back to test the broken level.

The price is trading below the 9 periods EMA yet to penetrate 21 periods EMA, as an indication of bearish momentum market. The relative strength index period 14 is at 50 levels with the signal line displaying a bearish direction.