EURUSD Price: Bearish Reversal Envisaged at $1.10 Level

Sellers may dominate EURUSD market

EURUSD Price Analysis – 25 December

If sellers can breach the $1.09 support level, the price can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers are successful in maintaining the price above the $1.10 barrier level, prices may advance in the direction of the resistance levels of $1.11 and $1.12.

EUR/USD Market

Key Levels:

Resistance levels: $1.10, $1.11, $1.12

Support levels: $1.09, $1.08, $1.07

 EURUSD Long-term Trend: Bullish

For EURUSD, the future is promising. The currency pair tested the $1.07 support level on December 11. as it emerged from the resistance level of $1.10. The bears had lost their strength. The price began to rise as bulls gained traction. The boundary between $1.08 and $1.07 was crossed. It hit its previous peak at $1.10. The price dropped to the $1.08 support level as the sellers increased their pressure on it. Last week, buyers dominated the market, and the price increased to test the previous high at $1.10 level.

The bullish trend in the markets is getting stronger, as seen by the 9- and 21-period exponential moving averages below the currency pair. If sellers can breach the $1.09 support level, the price can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers are successful in maintaining the price above the $1.10 barrier level, prices may advance in the direction of the resistance levels of $1.11 and $1.12.

EURUSD medium-term Trend: Bullish

The medium-term forecast for the EURUSD is bullish. The currency pair has been under downward pressure for more than a week. Upon testing the $1.07 support level, a buying frenzy ensued. The price has been forming enormous bullish candles ever since it rose above the two EMAs.  The cost is currently more than $1.10.

The price position above the 9- and 21-period moving averages suggests an inclining trend. At level 61, the Relative Strength Index’s period 14 signal lines is declining, indicating a sell signal.

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