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Buyers are opposing sellers at $1.04 level in EURUSD market
EURUSD Price Analysis –16 October
In case sellers are successful in breaking through the $1.04 support level, the price could fall even farther toward the $1.03 and $1.02 barrier levels. If buyers are successful in keeping the price above the $1.06 barrier level, the price may advance in the direction of the $1.07 and $1.08 resistance level.
EUR/USD Market
Key Levels:
Resistance levels: $1.06, $1.07, $1.08
Support levels: $1.04, $1.03, $1.02
EURUSD Long-term Trend: Bearish
The outlook for EURUSD is negative in the long run.. EURUSD market is under increasing downside pressure, and buyers and sellers are competing with one another to halt additional drops. The support level of $1.04 was tested by the currency pair on September 27. Last week, it increased and retested the $1.06 mark. The bulls’ power was snuffed out. The bearish movement persisted as long as the bears kept up their pressure. The cost is lower than the previous $1.06 amount. Currently, the price is about to experience a bullish reversal.
The bulls are gathering pace as seen by the fact that the 9-period and 21-period exponential moving averages are currently trading below one another. EURUSD is below the two EMAs. In case sellers are successful in breaking through the $1.04 support level, the price could fall even farther toward the $1.03 and $1.02 barrier levels. If buyers are successful in keeping the price above the $1.06 barrier level, the price may advance in the direction of the $1.07 and $1.08 resistance level.
EURUSD medium-term Trend: Bullish
The EURUSD outlook for the medium term is positive. The currency pair has been under bearish pressure for more than two weeks. As soon as the $1.04 support level was tested, buying picked up speed. A number of sizeable bullish candles have formed as the price is increasing towards the $1.06 mark. Price could soon start moving higher again.
The price position close to the 9- and 21-period moving averages indicates the commencement of an upward trend. The Relative Strength Index’s period 14 signal lines are inclining and showing a buy signal at level 43.
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