Bullish Momentum Increases to Break Up $1.02 Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News

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EURUSD Price Analysis – August 01

In case the Buyers penetrate the support level of $1.01 and daily candle close below it, then, the price may embark on bearish trend towards the $1.00 and $0.99 support levels. When the bulls break up $1.02 resistance level, the price may increase to resistance levels at $1.04 and $1.06.

EUR/USD Market

Key Levels:

Resistance levels: $1.02, $1.04, $1.06

Support levels: $1.01, $1.00, $0.99

 

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. Last two weeks, Bears pushed the price to the low of support level at $0.99. When the bears could not break down the just mentioned level, a bullish momentum was triggered with the formation of bullish engulfing candle. The price increased to the resistance level of $1.02. The price is ranging within the resistance level of $1.02 and the support level of $1.01. There is tendency for the price to increase above the resistance level of $1.02.

EURUSD has penetrated the 9 period EMA and 21 period EMA upside. Buyers are trying to break up the $1.02 resistance level, which indicate an increase in the bulls’ momentum. In case the Buyers penetrate the support level of $1.01 and daily candle close below it, then, the price may embark on bearish trend towards the $1.00 and $0.99 support levels. When the bulls break up $1.02 resistance level, the price may increase to resistance levels at $1.04 and $1.06.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The buyers are gaining more momentum, the price is increasing towards to $1.02 resistance level. The price action formed an inverted head and shoulder chart pattern. The price may increase and break up the resistance levels of $1.01.

The fast moving EMA is slowly crossing the slow moving EMA upside. The price is trading above the fast and slow moving EMAs. The Relative Strength Index period 14 is at 57 levels with the signal lines pointing up to indicate a buy signal.

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