EUR/USD Price May Experience a Bullish Reversal Trend at $1.17 Level

EURUSD Price Analysis – July 26

Inability to break down the support level at $1.17 may result to a bullish movement towards $1.18, $1.19 and $1.20 levels. Should the support level of $1.17 is broken downside, the price may likely test the support level of $1.16 which may extend to $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

On the long-term outlook EURUSD is bearish. The bears hold tight to the EURUSD market since June 11. Former support levels of $1.19 and 1.18 have turned to resistance levels with an increase pressure from the bears. The support level of $1.17 is reached since last week and the just mentioned significant support level has been proofing stronger against the sellers’ pressure.

EURUSD is trading below the fast moving average (9) and slow moving average (21 EMA) and the pair is trying to penetrate the support level of $1.17. Inability to break down the support level at $1.17 may result to a bullish movement towards $1.18, $1.19 and $1.20 levels. Should the support level of $1.17 is broken downside, the price may likely test the support level of $1.16 which may extend to $1.15 level.

EURUSD medium-term Trend: Ranging

EURUSD is ranging in the medium-term outlook. The barrier at the support level of $1.17 seems stronger than the pressure of the bears and that is the reason why the price of EURUSD has not been able to go down below the mentioned support level. The bulls’ strength seems to be weak as well and this prevents an increase in price. The currency pair is consolidating at the support level of $1.17.

The price is trading over and around the 9 periods EMA and 21 periods EMA, the two EMA are interlocked to each other as an indication of ranging market. The relative strength index period 14 is at 40 levels without specific direction.

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