EURUSD Price: Head and Shoulder Chart Pattern; Bearish Trend Envisaged

Sellers may dominate the EURUSD market

EURUSD Price Analysis – 03 July

The price may decrease substantially more toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. The price may move in the direction of the $1.09, $1.10, and $1.11 support 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 price action on the daily chart has formed a head and shoulder chart pattern. This is a bearish reversal chart pattern. The moment the currency pair hit the resistance of $1.11 on 03 May, the bears have been in charge. Multiple bearish candles formed as the price reversed off the expected level. Previous support levels at $1.09 and $1.08 were breached by the price.  Before the $1.07 threshold was achieved. Right now, the price is heading back toward the south.

The fact that EURUSD is currently trading between the EMAs shows that the bears are making progress. The price may decrease substantially more toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. The price may move in the direction of the $1.09, $1.10, and $1.11 support 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. Over the last four weeks, there has been an upsurge in the merchants’ enthusiasm. The EURUSD market is under the grasp of bears. The price decreases as a result of the bulls’ failure to overcome the $1.08 resistance level. The $1.07 level was in risk of falling to the $1.06 level. Bears successfully held the $1.09 resistance level, and the price is now falling.

A negative trend is shown by the price’s position below the two moving averages. The signal lines for the Relative Strength Index period 14 are rising and displaying a sell signal at levels 51.

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