EURUSD Price Commences a Bearish Trend

Sellers are dominating EURUSD market

EURUSD Price Analysis – 18 December

The price may drop precipitously toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. Prices may rise in the direction of the resistance levels of $1.10 and $1.11 if buyers can keep the price above the $1.09 barrier level.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.10, $1.11

Support levels: $1.08, $1.07, $1.06

EURUSD Long-term Trend: Bearish

The future is not bright for EURUSD. On December 11, the currency pair tested the support level of $1.07. Following its return from the $1.10 resistance level. The bears were no longer as strong. As bulls gathered momentum, the price started to incline. The threshold that stood between $1.08 and $1.07 was cleared. It reached its previous high at $1.10 level. When the sellers put more pressure on the price, it fell to the $1.08 support level.

The fact that the 9- and 21-period exponential moving averages are near to the currency pair indicates that the bearish trend in the markets is intensifying. The price may drop precipitously toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. Prices may rise in the direction of the resistance levels of $1.10 and $1.11 if buyers can keep the price above the $1.09 barrier level.

EURUSD medium-term Trend: Bearish

The EURUSD’s medium-term outlook is negative. For over a week, there has been downward pressure on the currency pair. As soon as the $1.10 resistance level was tested, a selling frenzy broke out. Since the price fell below the two EMAs, it has been creating massive bearish candles.  As of now, the price is less than $1.08.

A downward trend is indicated by the price position below the 21- and 9-period moving averages. The period 14 signal lines of the Relative Strength Index are decreasing at level 54, suggesting a sell signal.

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