EURUSD Price: Buyers May Oppose Sellers at $1.06 Level

A bullish trend may commence in the EURUSD market

EURUSD Price Analysis – 18 September

When sellers are successful in breaking through the $1.06 support level, the price could fall even farther toward the $1.05 and $1.04 barrier levels. If buyers are successful in keeping the price above the $1.07 barrier level, the price may rise in the direction of the $1.08 and $1.09 resistance 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

In the long term, EURUSD is negative. The EURUSD market is under increased downside pressure, and buyers and sellers are competing to halt further drops. The currency pair was profitable a few weeks ago. The bulls had the sway. On July 18, it surged in positive momentum, reaching $1.12. Despite the formation of the bullish continuation pattern, the bears were able to stop the $1.12 level from breaking up. The price has dropped from $1.07 to its current level. Price is currently headed for its bottom from May.

The exponential moving averages of the 9-period and 21-period are currently being traded below each other suggesting that the bears are gaining strength. EURUSD is below the two EMAs. If sellers are successful in breaking through the $1.06 support level, the price could fall even farther toward the $1.05 and $1.04 barrier levels. If buyers are successful in keeping the price above the $1.07 barrier level, the price may rise in the direction of the $1.08 and $1.09 resistance level.

EURUSD medium-term Trend: Bearish

Regarding the medium-term forecast, EURUSD is bearish. The currency pair has been under bearish pressure for more than two weeks. As soon as the $1.09 support level was breached, selling picked up speed. Numerous large bearish candles have appeared, and the price has fallen below $1.07.  Price could shortly reverse in a bullish direction.

The price position is below the 9- and 21-period moving averages indicating a bearish trend. The Relative Strength Index’s period 14 signal lines are falling and showing a selling signal at level 40.

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