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EUR/USD Significant Levels
Resistance Levels: 1.1800, 1.2000, and 1.2200
Support Levels: 1.1300, 1.1200 and 1.1100
EUR/USD Price Long-term Trend: Bearish
EUR/USD is in a downtrend but it faces rejection at 1.1350. On December 13, the market declined to level 1.1221 as bulls bought the dips. The currency pair is resuming upward after the last bearish impulse. Similarly, on June 15, the currency pair reached the low of 1.1168 and it rebounded above the current support. The EURO rallied to level 1.2000 and later reached the high of 1.2200. Meanwhile, on the August 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement. The price action of EUR/USD has retested the 1.618 Fibonacci extension or level 1.1329. The market reached level 1.1221 and resumed upward.
Daily Chart Indicators Reading as Pair Looks Oversold:
EUR/USD has fallen below 20% range of the daily stochastic. It implies that the pair has reached bearish exhaustion. We expect EUR/USD to rise on the upside.. For the EURO to be out of downward correction, buyers will have to push the pair above level 1.1800.
EUR/USD Medium-term Trend: Bearish
On the Daily chart, the currency pair is in a downward move. On November 24, the market declined to level 1.1186 as bulls bought the dips. Since November 24, the downtrend has been interrupted because the market has reached the oversold region. The pair is attempting to resume upward as bulls break above the 21-day line moving average.
Daily Chart Indicators Reading
The pair has risen to level 47 of the Relative Strength Index for period 14. It indicates that the market is rising as it approaches the uptrend zone. The currency price is above the 21-day line moving average but below 50-day line moving average. It implies that the pair may resume a range-bound move
General Outlook for EUR/USD
EUR/USD is recovering after falling to the oversold region of the market but faces rejection at 1.1350. The current uptrend is facing resistance at level 1.1340. Buyers have faced three rejections at the recent high.
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