Bears may dominate EURUSD market soon
EURUSD Price Analysis – 17 April
The price may drop deeper into the $1.07 and $1.06 barrier levels if the bears are successful in breaching the $1.09 support level. The price may increase toward the $1.09, $1.10, and $1.11 resistance levels if the Bulls are able to retain the $1.09 support level.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.10, $1.11
Support levels: $1.09, $1.07, $1.06
EURUSD Long-term Trend: Bullish
On the long-term outlook, EURUSD is bullish. It appears that price action is about to fully construct the double top chart pattern. The previous three weeks have seen bears rule the EURUSD market. The currency pair was having trouble breaking through the $1.04 support level. On March 17, the price was unable to fall below the predetermined level. More bullish candles were formed during the retracement, and the price then started to climb once more toward the $1.09 barrier level. At the moment, the price is pulling back.
EURUSD remains above the 9 periods EMA and the 21 Periods EMA. The fact that it is trading close to the two EMAs suggests that the bears are gaining pace. The price may drop deeper into the $1.07 and $1.06 barrier levels if the bears are successful in breaching the $1.09 support level. The price may increase toward the $1.09, $1.10, and $1.11 resistance levels if Bulls are able to retain the $1.09 support level.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. Bulls already controlled the EURUSD market. The bearish movement was stopped by the bulls four weeks ago. The price began to increase last two weeks when the stability of the $1.09 support level was confirmed through testing. The barrier at the $1.09 level repelled the bulls’ pressure and bears are dominating the market.
The fast-moving EMA is below the slow-moving EMA and the price is trading below the two moving EMAs. The Relative Strength Index period 14 is at 39 levels with the signal lines pointing down to indicate a sell signal.
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