EURUSD Price Is Retesting $1.03 Support Level Before Bullish Movement Commence

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EURUSD Price Analysis – July 04

Should the bears break down the support level of $1.03, the price may reach support levels of $1.01 and $1.00. In case the buyers push up the price above the resistance level of $1.04, the price may increase to test the resistance level of $1.06 which may extend to $1.07 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.04, $1.06, $1.07

Support levels: $1.03, $1.01, $1.00

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. Sellers returned to market before the closing of last week market. The resistance level of $1.06 level was tested and the bulls defended the mentioned level with the formation of bearish engulfing candle. The price declined and the previous low of $1.03 level was tested. This is the third time of testing the level.

The two EMAs were penetrated downside by the bears’ pressure. EURUSD is trading slightly below the 9 periods EMA and the 21 periods EMA. Should the bears break down the support level of $1.03, the price may reach support levels of $1.01 and $1.00. In case the buyers push up the price above the resistance level of $1.04, the price may increase to test the resistance level of $1.06 which may extend to $1.07 level. The Relative Strength Index period 14 is at 41 levels with the signal line pointing up to indicate a buy signal.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. Last week, on 4-hour chart, the price was dangling within the resistance level of $1.07 and the support level of $1.06. The mentioned resistance level holds the price and the bulls’ momentum is not sufficient to break up the level. Before last week market closed, the bears’ pressure increased and the support level of $1.04 was penetrated downside.

The price is trading below the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of bearish momentum in the market. Relative Strength Index period 14 is pointing up at 42levels which indicate a buy signal.

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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.