EURUSD Price Is Targeting $1.06 Support Level

Sellers may continue to dominate EURUSD market

EURUSD Price Analysis – 29 May

The price may drop much further toward the $1.05 and $1.04 barrier levels if the sellers are successful in breaking through the $1.06 support level. The price may go toward the $1.07, $1.08, and $1.09 resistance levels if buyers are successful in holding the $1.06 support level.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.08, $1.09

Support levels: $1.06, $1.05, $0.04

 EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. The bears have been in control ever since the currency pair encountered resistance on 03 May at $1.11. A number of bearish candles developed when the price bounced off the indicated level. EURUSD went below previous support levels of $1.09 and $1.08.  On May 18, the $1.07 support level was attained before it was pushed back and tried once again. The $1.07 level is already penetrated and the price exposes to $1.06 level.

The 9 and 21-period EMAs are above the price of the EURUSD at the moment. The fact that it is currently trading beneath the two EMAs indicates that the bears are making progress. The price may drop much further toward the $1.05 and $1.04 barrier levels if the sellers are successful in breaking through the $1.06 support level. The price may go toward the $1.07, $1.08, and $1.09 resistance levels if buyers are successful in holding the $1.06 support level.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. The enthusiasm of sellers increased over three weeks ago. Bears have been controlling the EURUSD market. The price has been falling over the past week as a result of testing that showed the $1.08 resistance level to be resilient. The bulls’ failure to break through the $1.08 resistance level causes the price to fall. The $1.07 level is currently being penetrated downside and it is facing the $1.06 level.

Price is situated below the two moving EMAs, which indicates bearish movement. The signal lines on the Relative Strength Index period 14 are moving downward to indicate a sell signal at 37 levels.

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