Bears may dominate EURUSD market soon
EURUSD Price Analysis – 10 April
In case the bears are successful in breaking through the $1.07 support level, the price may decline further into the $1.06 and $1.04 barrier levels. If Bulls manage to hold the $1.07 support level, the price may rise toward the $1.09, $1.10, and $1.11 resistance levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.10, $1.11
Support levels: $1.07, $1.06, $1.04
EURUSD Long-term Trend: Bullish
On the long-term outlook, EURUSD is bullish. It seems the double top chart pattern price action is about to form fully. EURUSD market was dominated by bears the past three weeks. The support level of $1.04 was proving difficult for the currency pair to overcome. The price was unable to go past the specified threshold on March 17. When it retraced, more bullish candles were made, and the price began to rise again toward the $1.09 barrier level.
The downside EMA of 9 periods has been crossed by the EURUSD. The fact that it trades between the two EMAs suggests that the bears are gaining pace. In case the bears are successful in breaking through the $1.07 support level, the price may decline further into the $1.06 and $1.04 barrier levels. If Bulls hold the $1.07 support level, the price may rise toward the $1.09, $1.10, and $1.11 resistance levels.
EURUSD medium-term Trend: Bullish
EURUSD is bullish on the medium-term outlook. EURUSD market was already dominated by bulls. The bulls stopped the negative movement last three weeks. When the $1.04 support level was tested and found to be stable last week, the price started to rise. The bulls are putting further pressure on the barrier at $1.09 level to be broken.
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 42 levels with the signal lines pointing up to indicate a buy signal.
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