Buyers may dominate EURUSD market soon
EURUSD Price Analysis – 11 September
The price may drop far more toward the $1.05 and $1.04 barrier levels if sellers are successful in breaching the $1.06 support level. The price may advance in the direction of the $1.08 and $1.09 resistance levels if buyers are successful in keeping the price above the $1.07 barrier level.
EUR/USD Market
Key Levels:
Resistance levels: $1.07, $1.08, $1.09
Support levels: $1.06, $1.05, $1.04
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. The EURUSD market is under increasing negative pressure, and buyers are battling sellers to stop additional declines. A few weeks ago, the currency pair was profitable. The power was with the bulls. It reached $1.12 on July 18 as a result of the bullish momentum surge. The bullish continuation pattern was formed, but despite that, the bears were able to prevent the $1.12 level from breaking up. The price is now falling from a level of $1.07. Price is now aiming at May low.
The fact that the EURUSD is currently trading below both the 9- and 21-period exponential moving averages indicates that the bears are gaining momentum. The price may drop far more toward the $1.05 and $1.04 barrier levels if sellers are successful in breaching the $1.06 support level. EURUSD may advance in the direction of the $1.08 and $1.09 resistance levels if buyers are successful in keeping the price above the $1.07 barrier level.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. For more than two weeks, the currency pair has been under bearish pressure. Selling accelerated as soon as the $1.09 support level was broken. Large bearish candles have formed in abundance, and the price has dropped below $1.07. Price may experience a bullish reversal soon.
The price position slightly above the 9- and 21-period moving averages indicates a bullish reversal trend. The Relative Strength Index’s period 14 signal lines are rising and showing a buy signal at level 49.
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