EURUSD Price Is Targeting Last Week Low at $1.00 Level

Azeez Mustapha

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EURUSD Price Analysis – July 11

When the bears’ momentum break down the support level of $1.00, the price may reach support levels of $0.90 and $0.80. In case the buyers push up the price above the resistance level of $1.01, the price may increase to test the resistance level of $1.03 which may extend to $1.04 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.01, $1.03, $1.04

Support levels: $1.00, $0.90, $0.80

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. The currency pair pulled back at the early stage of last week market. The resistance level of $1.01 was retested. Sellers returned to market and more daily bearish candles were produced and the price decline towards the support level of $1.00. The just mentioned level was tested on July 08.

The bears’ pressure has penetrated the two EMAs downside. EURUSD is trading below the 9 periods EMA and the 21 periods EMA. When the bears’ momentum break down the support level of $1.00, the price may reach support levels of $0.90 and $0.80. In case the buyers push up the price above the resistance level of $1.01, the price may increase to test the resistance level of $1.03 which may extend to $1.04 level. The Relative Strength Index period 14 is at 31 levels with the signal line pointing down to indicate a sell signal.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. After the break down of the former support level of $1.03, sellers have been in control of the market. On 4-hour chart, the price is decreasing and $1.02 and $1.01 levels were penetrate downside. The price is heading to previous low at $1.00 level.

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 down at 27 levels which indicate a sell 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.

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