EUR/USD recovered from the early setback on Thursday after hitting a low of 1.0122. However, the bulls seem unable to build an upwards momentum today, and the pair is once again trading lower around 1.0156. The short-term support levels are at 1.0120 and 1.0089, while the resistance areas are at 1.0203 and 1.0235.
The 1.0120 is crucial, and a breach below this level will likely help bears extend the downside and target the 1.0089 support level.
EUR/USD Technical Analysis (short-term)
The stochastic is oversold, while the Relative Strength Index (RSI) is neutral. The Bollinger band is also neutral, with ATR indicating lower volatility and the MACD the zero line. The current price is above the 20 and 50 Simple Moving Averages periods.
| Short Term | Stochastic | Bollinger Bands | ATR | MACD | RSI |
| EUR/USD | Oversold (8) | Neutral (1.0164) | 0.0086 (Volatility down) | below Zero | 46 (Neutral) |
Related Article: Fxdatapanel: GBP/USD Outlook
Stochastic and Relative Strength Index (RSI) are momentum indicators and tells about the overbought and oversold zones.
EUR/USD Support and Resistance Levels (short-term)
| Short Term | Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| EUR/USD | 1.0130 | 1.0089 | 1.0057 | 1.0203 | 1.0235 | 1.0276 |
FXDatapanel calculates the support and resistance levels using its propriety trading algorithm and provides Forex trade signals with an over 80% success rate. Find out more about the Fxdatapanel trading signals platform and other trading products.
EUR/USD Trading Idea – 17-August
Following the technical indicators and the intraday price pattern, the pair is like to take a dip towards 1.0100, which makes it ideal for selling entries using the following levels.
Timeframe: Daily
Direction: Sell
Entry: 1.0175
Stop-Loss: 1.0215
Take Profit: 1.0125
Related Article: FXDatapanel Report: Where is EUR/USD Heading?
EUR/USD Key Levels To Watch
The 1.0100 is the psychological barrier, and a breach below this level will lead to a further decline toward 1.0089 and 1.0045. On the upside, an intraday closing above 1.0220 will be ideal for the bulls to build an upwards momentum in the coming days and target the 1.0275 and 1.0300 resistance levels.
fxdatapanel.com
Click this link to download the complete EURUSD Technical Analysis Report from FXDatapanel, including EURUSD trade signals, Forex-related news, and technical levels.