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EUR/USD May Decrease Below $1.180 Support

Published on

September 7, 2021

EUR/USD Price Analysis – September 7

As revealed by the technical indicator, EUR/USD may continue to follow the downward movement towards the $1.180 support level.

EUR/USD Long-term Trend: Bearish (Daily Chart)

Key levels:
Resistance Levels: $1.195, $1.120, $1.125
Support Levels: $1.175, $1.170, $1.165

EUR/USD is seen sliding below the upper boundary of the channel and a further decrease in price is highly envisaged provided the bears increase their momentum and this may bring the price to the support level of $1.182. In case the mentioned level does not hold, a $1.80 price level could be the next target. On the daily chart, a daily bearish candle is forming towards the 9-day MA which indicates that the bears are coming to play.

EUR/USD Price Analysis: EUR/USD May Test $1.180 Price Level

According to the daily chart, EUR/USD is bearish. As the bears hold tight to the market, the currency pair begins a bearish movement. The price is descending gradually turning former support levels to resistance levels, such as $1.195, $1.120, and $1.125. A couple of days ago, the price was retraced to the resistance level of $1.190.

In other words, if the support level of $1.184 holds, the currency pair may bounce and move back towards the north side and a further increase may break above the moving averages to expose EUR/USD to the next resistance level of $1.190. Meanwhile, there is likely that the currency pair may cross below the 9-day moving average and once this is done, EUR/USD may locate the support levels of $1.175, $1.170, and $1.165.

EUR/USD Medium-term Trend: Bullish (4H Chart)

Looking at the 4-hour chart, EUR/USD is on a bearish move as the price remains below the 9-day and 21-day moving averages. Meanwhile, the former support level of $1.185 is already broken and any further bearish movement could locate the support level of $1.181 and below.

However, the red-line of 9-day MA is crossing below the green-line of 21-day MA to indicate bearish movement. If the currency pair crosses above the moving averages, it could reach the resistance level of $1.189 and above. On the contrary, the technical indicator Relative Strength Index (14) is moving below 45-level with the signal line pointing down to indicate a sell signal.

 

Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : September 7, 2021

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