Should Bears are able to push the price to support level of $1.11, then, support level of $1.10 and $1.09 may be reached. On the other hand, in case the just mentioned level holds, the price may continue its bullish trend towards $1.13, $1.14 and $1.16 levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.13, $1.14, $1.16
Support levels: $1.11, $1.10, $1.09
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. EURUSD currency pair has been on the ranging trend for more than 2 weeks. The price had a bearish partial breakout on January 27. The price reached the support level of $1.11. The Bullish momentum became strong and the level could not be broken downside by the bears. On the daily chart, a strong bullish candle was produced which penetrated the price level of $1.13 upside and the price tested $1.14 level. The price is currently pulling back towards the $1.11 support level.
EURUSD is penetrating the two EMA downside, the price is trading below the 21 periods EMA and 9 periods EMA heading towards the previous low of $1.11. Should Bears are able to push the price to support level of $1.11, then, support level of $1.10 and $1.09 may be reached. On the other hand, in case the just mentioned level holds, the price may continue its bullish trend towards $1.13, $1.14 and $1.16 levels. Also, the Relative Strength index period 14 is at 46 levels pointing down to indicate further price reduction.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. The price action on the 4-hour chart has formed Double Top chart pattern. The neckline is broken and the price declining, already broke down the former resistance level of $1.13 heading towards the support level of $1.11.
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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