EURUSD Price Breaks Down Significant Support Level Targeting $1.06

EURUSD Price Analysis – April 25

In case daily candle closed below the support level of $1.07, price may reduce to $1.06 and $1.05 support levels. Should the support level of $1.06 holds, price may reverse and face the resistance levels of $1.07, $1.09 and $1.17.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.09, $1.11

Support levels: $1.06, $1.05, $1.04

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. Seller are holding unto the EURUSD market without any reservation. Last week, Euro currency tested the support level of $1.07 second time, the first time was on March 04.  Traders’ expectation was bullish reversal at the $1.07 level but reverse is the case this morning. Bears opens the market today with strong daily bearish candle and the support level of $1.06 is broken downside.

Today, bearish candle opens the market and the price is decreasing gradually facing the support level of $1.06. In addition, it is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. In case daily candle closed below the support level of $1.07, price may reduce to $1.06 and $1.05 support levels. Should the support level of $1.06 holds, price may reverse and face the resistance levels of $1.07, $1.09 and $1.17.

 EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. The price tested the support level of $1.07 last week with the hope that price will reverse at the mentioned level but bulls’ momentum was weak. Bears exerted more pressure and the $1.07 level was broken downside targeting the support level of $1.06 level.

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The relative strength index period 14 is pointing down at 36 levels indicating a bearish signal.