EURUSD Price Analysis – March 07
Should Bears unable to penetrate the support level of $1.07, then, the price may reverse towards the resistance level of $1.09, $1.11 and $1.14. Conversely, in case the support level of $1.07 is broken downside, support level of $1.06 and $1.05 may be reached.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.11, $1.14
Support levels: $1.07, $1.06, $1.05
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. EURUSD was resisted at the resistance level of $1.14 on February 10 by the bears. The formation of inverted pin bar at the resistance level of $1.14 triggered the bearish momentum. The price decline and the support level of $1.11 was penetrated downside and the support level of $1.09 was reached. Last week, more pressure from bears push the price towards the support level of $1.07.
EURUSD has penetrated the two EMA downside, the price is trading below the 21 periods EMA and 9 periods EMA heading towards the previous low of $1.07. Should Bears unable to penetrate the support level of $1.07, then, the price may reverse towards the resistance level of $1.09, $1.11 and $1.14. Conversely, in case the support level of $1.07 is broken downside, support level of $1.06 and $1.05 may be reached.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. The formation of double top chart pattern at the resistance level of $1.14 activate the declination of the price. Bears open the market today indicating that price may decrease further to target $1.07.
The fast moving EMA has crossed the slow moving EMA downside and the price is trading below the two EMAs. The Relative Strength Index period 14 is at 33 levels with the signal lines pointing down to indicate a sell signal and further reduction in price.
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