EURUSD Price Bounces Off $1.11 Resistance Level

Sellers’ momentum increases in EURUSD market

EURUSD Price Analysis – 24 July

If sellers are successful in breaking through the $1.10 support level, the price may decrease much lower toward the $1.09 and $1.08 barrier levels. If buyers are able to hold the $1.10 support level, the price may rise in the direction of the $1.11, $1.13, and $1.14 resistance levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.11, $1.13, $1.14

Support levels: $1.10, $1.09, $1.08

 EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. On the daily chart, the price movement has created an upward channel. This chart pattern is an illustration of a bullish continuation pattern. The bulls have been in charge ever since the currency pair hit a support level around $1.04 on May 3. Numerous bullish candles appeared when the price moved away from the predicted level. The price broke through prior resistance at $1.09 and $1.10. The price reached the resistance level of $1.11 on 18 July and the price is pulling back.

EURUSD is currently trading below the 9 periods EMA, which indicates that the bears are gaining ground. If sellers are successful in breaking through the $1.10 support level, the price may decrease much lower toward the $1.09 and $1.08 barrier levels. If buyers are able to hold the $1.10 support level, the price may rise in the direction of the $1.11, $1.13, and $1.14 resistance levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. The merchants’ enthusiasm has risen during the last four weeks. Bulls were in charge of the EURUSD market. The failure of the bulls to breach the $1.11 resistance level causes the price to decrease. There is a potential that the price may fall to the $1.10 level. The bears successfully hold the $1.11 resistance level, and the price is presently falling.

A falling trend is indicated by the price position below the two moving averages. The period 14 signal lines for the Relative Strength Index are falling and displaying a sell signal at level 29.

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