EURUSD Price: Bearish Breakout at $1.04 Support Level, Exposes to $1.02 Level

EURUSD Price Analysis – June 13

Should the buyers defend the support level of $1.04, the price may increase above the resistance level of $1.06, then, price may increase to test the resistance level of $1.07, which may extend to $1.09 level. The Relative Strength Index period 14 is at 37 levels with the signal line pointing down to indicate a sell signal.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.09

Support levels: $1.04, $1.02, $1.01

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. Buyers could not dominate the EURUSD market any longer when the price tested the high of $1.07 resistance level on June 09. Sellers gain momentum and the price decrease, it broken down the support level of $1.06. The support level of $1.04 is tested yesterday. The price is trying to break down the support level of $1.04, in which the price will be expose to support level of $1.02.

EURUSD is trading below the 9 periods EMA and the 21 periods EMA. The two EMAs were penetrated downside by the bears’ pressure. In case the bears break down the support level of $1.04, the price may reach support levels of $1.02 and $1.01. Should the buyers defend the support level of $1.04, the price may increase above the resistance level of $1.06, then, price may increase to test the resistance level of $1.07, which may extend to $1.09 level. The Relative Strength Index period 14 is at 37 levels with the signal line pointing down to indicate a sell signal.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. Last week, the price was dangling within the resistance level of $1.07 and the support level of $1.06. The mentioned resistance level holds the price and the bulls’ momentum is not sufficient to break up the level. The bears’ pressure terminate ranging movement by exert pressure which push the price to penetrate the support level of $1.04. It is currently targeting $1.02 level.  The price is trading below the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of high momentum in the market. Relative Strength Index period 14 is pointing down at 19 levels which indicate a sell signal.

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