EURUSD Price: Bearish Movement May Continue After Retracement at $1.07 Support Level

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Sellers may dominate EURUSD market again

EURUSD Price Analysis – 22 May

In case the sellers are successful in breaching the $1.07 support level, the EURUSD may fall even further into the $1.06 and $1.05 barrier levels. If Buyers are successful in holding the $1.07 support level, the price may move in the direction of the $1.08, $1.09, and $1.10 resistance levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.08, $1.09, $1.10

Support levels: $1.07, $1.06, $0.05

 EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. Ever since the currency pair found a resistance level on May 03 near $1.11, the bears have been in charge. The price bounced off the mentioned level and several bearish candles formed. Prior support levels of $1.10, $1.09 were surpassed by the price.  The $1.07 support level was reached on April 17 before being pushed back and tested again at $1.08. Bears are currently in control of the market.

The 9 and 21-period EMAs are above the EURUSD’s current price. It is currently trading below the two EMAs, which suggests that the bears are gaining ground. In case the sellers are successful in breaching the $1.07 support level, the price may fall even further into the $1.06 and $1.05 barrier levels. If Buyers are successful in holding the $1.07 support level, the price may move in the direction of the $1.08, $1.09, and $1.10 resistance levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. Over the past two weeks, both buyers’ and sellers’ enthusiasm has waned over $1.10. The EURUSD market has been dominated by bears. A few days ago, the bears reversed the positive trend. Following tests that revealed the durability of the $1.10 resistance level, the price has been declining over the past week. The price dropped because the bulls were unable to overcome the $1.10 barrier. The price is currently testing the $1.08 mark.

The two moving EMAs are touching one another, and the price is between the two. At 46 levels, which may be a retreat, the signal lines on the Relative Strength Index period 14 are heading higher to give a buy signal.

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