Forex Signals – EURUSD Price Breaks Down $1.17
EURUSD Price Analysis – August 24
An increase in the sellers’ pressure to penetrate the demand level at $1.16 downside may decrease the price to $1.15 and $1.14 support levels. Failure to break down the demand level at $1.16 may increase the bulls’ momentum and the price may reverse to target resistance levels at $1.18, $1.20, and $1.22.
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Forex Signals EURUSD Price Hits Resistance
EUR/USD Market
Key Levels:
Resistance levels: $1.18, $1.20, $1.22 – Forex Signals – EURUSD Price Breaks Down $1.17
Support levels: $1.16, $1.15, $1.14
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EURUSD Long-term Trend: Bearish
EURUSD was on the ranging movement last week, trading within the range of resistance level at $1.18 and the support level at $1.16. On August 18, the buyers initially push the price to break up the resistance level at $1.18 but the sellers interrupted the bullish movement the following day. A bearish engulfing candle that emerges confirms the seller’s force in the EURUSD market. The price is decreasing towards the support level at $1.16.
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The pressure of the sellers is pushing down the currency pair to break down the two dynamic support levels which may drop the pair at $1.16 support level. An increase in the sellers’ pressure to penetrate the demand level at $1.16 downside may decrease the price to $1.15 and $1.14 support levels. Failure to break down the demand level at $1.16 may increase the bulls’ momentum and the price may reverse to target resistance levels at $1.18, $1.20, and $1.22. The relative strength index period 14 is at 50 levels bending towards the south to indicate the sell signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the 4-hour chart. There was a fake breakout at $1.18 price level after a short period of consolidation. The bears push the pair below $1.18 to retest the demand level at $1.16. The bearish trend is likely to continue as more bearish candles are emerging.
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