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)
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.