EURUSD Price: Bearish Reversal Envisaged at $1.07 Level

EURUSD may bounce up at $1.07 level

EURUSD Price Analysis – 04 September

If sellers are successful in breaking through the $1.07 support level, the price may fall considerably farther toward the $1.06 and $1.05 barrier levels. If buyers are successful in keeping the price above the $1.08 barrier level, the price may rise in the direction of the $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, $1.05

 EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. The bearish pressure increases in the EURUSD market and the buyers are opposing the sellers to prevent further decrease. The currency pair was profitable a few weeks ago. The bulls were in charge. On July 18, it passed a $1.12 mark, thanks to the bullish momentum surge. Although an upward channel was built, displaying a bullish continuation pattern, the bears managed to resist the $1.12 level breaking up. Right now, the Price is repelling from $1.07 level.

EURUSD is currently trading lower than both the 9- and 21-period exponential moving averages showing that the bears are making progress. If sellers are successful in breaking through the $1.07 support level, the price may fall considerably farther toward the $1.06 and $1.05 barrier levels. If buyers are successful in keeping the price above the $1.08 barrier level, the price may rise in the direction of the $1.09 and $1.10 resistance levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. The currency pair has been under bearish pressure for more than two weeks. As soon as the $1.09 support level was breached, selling accelerated. Numerous sizeable bearish candles have formed, and the price has fallen below $1.08.  The price could drop and stabilize at $1.07.

A declining trend is indicated by the price position below the 9- and 21-period moving averages. The period 14 signal lines for the Relative Strength Index are moving upward and displaying a buy signal at level 41.

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