EURUSD Price: Bearish Reversal Envisaged at $1.11 Resistance Level

Bears may dominate EURUSD market

EURUSD Price Analysis – 01 May

The price may increase significantly more into the $1.12 and $1.13 barrier levels if the bulls are successful in breaking through the $1.11 resistance level. The price may drop toward the $1.10, $1.09, and $1.08 support levels if the Bears are able to hold the $1.11 resistance level.

EUR/USD Market

Key Levels:

Resistance levels: $1.11, $1.12, $1.13

Support levels: $1.10, $1.09, $1.08

 

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. The bulls have been in charge of the currency pair since it established support near $1.04 on March 16. Numerous bullish candles were made as the price bounced. The price rose over the previous resistance levels of $1.08, $1.09, and $1.10.  On April 14, the $1.10 resistance level was tested, pushed back, and then retested. The bulls are picking up steam and are aiming to break the $1.11 resistance level.

EURUSD remains above the 9-period and 21-period EMAs. It appears that the bulls are gaining momentum because it is trading above the two EMAs. The price may increase significantly more into the $1.12 and $1.13 barrier levels if the bulls are successful in breaking through the $1.11 resistance level. The price may drop toward the $1.10, $1.09, and $1.08 support levels if the Bears are able to hold the $1.11 resistance level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The bulls already had control of the EURUSD market. The bulls stopped the bearish trend few weeks ago. The price began to rise during the past two weeks after testing confirmed the strength of the $1.09 support level. The bulls were unable to break over the barrier at the $1.09 level, and it pulled back. Right now, purchasers and sellers are experiencing low momentum above the $1.10 level.

The fast-moving EMA is above the slow-moving EMA and the price is trading above the two moving EMAs. The Relative Strength Index period 14 is at 43 levels with the signal lines pointing down to indicate a sell signal.

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