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Sellers are dominating EURUSD market
EURUSD Price Analysis – 01 January
EURUSD may drop precipitously toward the $1.09 and $1.08 barrier levels if sellers are successful in breaking through the $1.10 support level. Prices may move up into the resistance levels of $1.12 and $1.13 if buyers can keep the price above the $1.11 barrier level.
EUR/USD Market
Key Levels:
Resistance levels: $1.11, $1.12, $1.13
Support levels: $1.10, $1.09, $1.08
EURUSD Long-term Trend: Bullish
The outlook for EURUSD looks bright. On December 11, as the currency pair broke through the support level of $1.10, it tested the $1.09 support level. The bears were no longer as strong. Bulls gained momentum, and the price started to increase. There was a crossing of the $1.08 and $1.07 boundaries. At $1.10, it reached its prior high. As buyers put more pressure on the price, it rise to the $1.11 resistance level. Buyers controlled the market and the price increased last week. At the moment, the price is pulling back.
The 9- and 21-period exponential moving averages underneath the currency pair show that the market’s bullish trend is strengthening. The price may drop precipitously toward the $1.09 and $1.08 barrier levels if sellers are successful in breaking through the $1.10 support level. Prices may move up into the resistance levels of $1.12 and $1.13 if buyers are able to keep the price above the $1.11 barrier level.
EURUSD medium-term Trend: Bearish
The EURUSD is expected to fall in the medium future. For over a week, there has been negative pressure on the currency pair. A selling frenzy broke out after the price tested the $1.12 resistance level. Since the price broke below the two EMAs, it has been generating massive bearish candles. Right now, the price is below $1.10 level.
A declining trend is indicated by the price position below the 9- and 21-period moving averages. The period 14 signal lines of the Relative Strength Index are decreasing at level 46, suggesting a sell signal.
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