EURUSD Price Commences a Bearish Trend at $1.04 Level
Login

EURUSD Price Commences a Bearish Trend at $1.04 Level

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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.

You can purchase crypto coins here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News