EURUSD Price Is Heading Towards Support Level of $1.11

Updated:

EURUSD Price Analysis – February 14

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 Daily chart, February 14

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.

EURUSD 4-hour chart, February 14

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.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 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
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.