EURUSD Price: Bearish Trend Commences at $1.10 Resistance Level

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Bearish momentum may increase further in EURUSD market

EURUSD Price Analysis – 27 February

In case Bulls are unable to break above the $1.06 resistance level, EURUSD may fall to the $1.04, $1.03, and $1.02 support levels. If buyers exert more pressure, the price may move past the $1.06 resistance level and hit the $1.07 and $1.09 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.09

Support levels: $1.04, $1.03, $1.02

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the Long-term outlook. The currency pair started moving in a bullish direction in November of last year, and on February 1st, the price topped out at the $1.10 barrier level. At the previously indicated level, an inside bar candle—a bearish reversal candle pattern—formed. Price is currently declining and it has breached $1.06 support level. The currency pair may test the support level of $1.04.

The downward resistance level of $1.07 has been crossed by the price. Sellers are currently in charge of the EURUSD market as it is currently trading below both the 9- and 21-period EMAs. As the price of the EURUSD declines below the two EMAs, sellers are in control of the market and are picking up steam. In case Bulls are unable to break above the $1.06 resistance level, the price may fall to the $1.04, $1.03, and $1.02 support levels. If buyers exert more pressure, the price may move past the $1.06 resistance level and hit the $1.07 and $1.09 levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. In the EURUSD market, the resistance level of $1.10 was tested following a protracted stretch of upward movement. Sellers successfully defended the previously indicated point.

After a sizable bearish engulfing candle developed, the price is now falling and is currently looking for the $1.04 support level. The Relative Strength Index for period 14 is pointing up at 38 levels and is indicating a buy that may be followed by a downturn. The 9- and 21-period exponential moving averages of the EURUSD are being traded below (EMAs).

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