EURUSD Price Experiences a Bearish Reversal at $1.11 Resistance Level

Sellers are dominating EURUSD market

EURUSD Price Analysis – 15 May

The price may surge even more into the $1.07 and $1.06 barrier levels if the sellers are successful in breaking through the $1.08 support level. The price may incline toward the $1.09, $1.10, and $1.11 resistance levels if Buyers are successful in holding the $1.08 support 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

EURUSD is bearish on the long-term outlook. The bulls have been in control ever since the currency pair established support on March 16 close to $1.04. A number of bullish candles were generated as the price bounced. The price surpassed the previous resistance levels of $1.08, $1.09, and $1.10.  On April 14, the $1.10 resistance level was tested, pushed back, and then tested $1.11 level once more. The bulls could not cross the $1.11 barrier level, Bears are currently dominating the market.

EURUSD is trading below both the 9 and 21-period EMAs. It appears that the bears are gaining momentum because it is currently trading below the two EMAs. The price may surge even more into the $1.07 and $1.06 barrier levels if the sellers are successful in breaking through the $1.08 support level. The price may incline toward the $1.09, $1.10, and $1.11 resistance levels if Buyers are successful in holding the $1.08 support level.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. Above $1.10 level, buyers’ and sellers’ impetus weakened last two weeks. The bulls have been controlling the EURUSD market. The bears turned around the bullish trend a few days ago. The price started to fall over the past weeks after tests showed that the $1.10 resistance level was durable. The bulls were unable to break over the barrier at $1.10, and the price falls. The price is now heading towards the level of $1.08.

The price is traveling down below the two moving EMAs, which are separated from each other. The signal lines on the Relative Strength Index period 14 are pointing upward to indicate a buy signal at 36 levels which may be a pullback.

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