EURUSD Price Commences a Bearish Trend at $1.04 Level

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Sellers’ pressure may increase further in EURUSD market

EURUSD Price Analysis – 21 November

In case the daily candle close below the support level of $1.02, bears may propel EURUSD to the support level of $1.01, which may extend to $1.00. When the bulls oppose bears at the $1.02 level, the price may increase to the resistance level of $1.03, $1.04, and $1.06 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.03, $1.04, $1.06

Support levels: $1.02, $1.01, $1.00

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. The currency pair was on a bullish trend last week. The bullish trend started on 04 November at the support level of $0.97. Bulls were able to push up the pair above $1.03 to $1.04 levels. A strong pin bar formed at $1.04 signals to the traders that sellers may dominate the market and the price may decrease. The price is decreasing testing the support level of $1.02 support level.

Sellers are dominating the EURUSD market. The price is trading between the 9-periods and 21-periods EMA as an indication that sellers may take over the market. In case the daily candle close below the support level of $1.02, bears may propel the price to the support level of $1.01, which may extend to $1.00. When the bulls oppose bears at the $1.02 level, the price may increase to the resistance level of $1.03, $1.04, and $1.06 levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. The resistance level of $1.04 repels the currency pair. It bounced off and started decreasing. The support level of $1.03 is already penetrated. The price is currently testing the support level of $1.02.

 The price is trading below the 9-periods EMA and 21-periods EMA, the two EMAs are separated from each other as a sign of bearish momentum in the market. Relative Strength Index period 14 is pointing down at 40 levels to indicate a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.