EURUSD to Break Below 1.1800 Psychological Support Level?


EURUSD has become corrective and still residing inside the range of 1.1800 to 1.1970 area. EURUSD to break below 1.1800 psychological support level in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s EUR/USD Technical Analysis.

July 6, 2021, | AtoZ Markets – EURUSD is currently trading around 1.1850 area and trying to push downside. After rejecting 1.1970 to 1.1950 resistance area, the bears pushed the price down quite impulsively, but failed to break below 1.1830 to 1.1800 significant support area and bounced higher. As per the current price action context, the price may face strong support around 1.1800 to 1.1830 area again in the coming days.

EURUSD to Break Below as the Bears Are Still Optimistic

EURUSD is currently residing near 1.1850 area and trying to push lower. However, the price broke below the dynamic level of 20 EMA on the intraday chart.

EURUSD to Break

Image: EURUSD 4 Hour Chart

According to the 4-hour chart, EURUSD to break below and currently trading around 1.1850 area. As per the current price action, the price may decline further towards 1.1830 to 1.1800 support level in the process. So, if the price bounced upside from 1.1800 to 1.1830 support level with an impulsive bullish candle, the bulls may regain momentum and push the price higher towards 1.1950 to 1.1970 area again in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price, which may work as strong resistance in the days ahead. However, the bulls may regain momentum if the price can break above the dynamic level. Moreover, the MACD lines are currently residing below the 0.00 level and gradually moving upward. It indicates that the bulls may regain momentum in the process.

EURUSD May Revert Back to the Mean

According to the daily chart, EURUSD to break below as the bears are still residing on the market. As per the current scenario, the price may decline towards 1.1830 to 1.1800 area in the days ahead. So, if the price can break below 1.1830 to 1.1800 support level with an impulsive daily bearish candle, the bears may continue to push the price lower towards 1.1720 to 1.1700 area in the process. On the contrary, if the price bounced higher from 1.1800 to 1.1830 support area with a daily bullish candle, the bulls may push the price upwards towards 1.1950 to 1.1970 area in the coming days.

EURUSD to Break

Image: EURUSD Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing over the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may pull the price upside as a mean reversion. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.

To conclude, as long as the price residing over 1.1800 to 1.1830 support level, there is a high chance that the price may recover higher towards 1.1950 to 1.1970 area again. An impulsive daily close is needed to identify the definite momentum in the coming days.  

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