EURUSD Price May Experience a Bullish Reversal at $1.09 Level

Sellers’ momentum decreases in EURUSD market

EURUSD Price Analysis – 14 August

EURUSD might drop far lower toward the $1.08 and $1.07 barrier levels if sellers are successful in breaching the $1.09 support level. The price may advance in the direction of the $1.11 and $1.12 resistance levels if buyers are successful in keeping the price above the $1.10 barrier level.

EUR/USD Market

Key Levels:

Resistance levels: $1.10, $1.11, $1.12

Support levels: $1.09, $1.08, $1.07

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. A few weeks ago, the currency pair was in the green. The bulls were in charge. The bullish momentum push caused it to reach a barrier level of $1.12 on July 18. Although the development of an upward channel shows a bullish continuation pattern, a bearish movement is still there because bears fought the breaking up of the $1.12 level. Price is challenging the $1.09 mark at the moment.

The fact that the EURUSD is currently trading below both the exponential moving averages of the 9 and 21 periods indicates that the bears are making progress. The price might drop far lower toward the $1.08 and $1.07 barrier levels if sellers are successful in breaching the $1.09 support level. The price may advance in the direction of the $1.11 and $1.12 resistance levels if buyers are successful in keeping the price above the $1.10 barrier level.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. The currency pair has been under bearish pressure ever since three weeks ago. Sellers found the $1.09 support level and held their footing there. EURUSD may not decline below the $1.09 level and there have been several large bullish candles produced.  It’s possible that the price may bounce up towards $1.11 level.

A negative trend is indicated by the price position below the 9-period moving average. The period 14 signal lines for the Relative Strength Index are pointing upside and displaying a buy signal at level 44.

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