EURUSD Price Is Targeting Previous Low at $1.07 Support Level

EURUSD Price Analysis – April 11

An increase in the bears’ pressure may break down $1.07 support level by the bears and this may result to further price decrease towards $1.06 and $1.05 support levels. Should Bulls push the price to penetrate the resistance level of $1.09, price may increase towards the resistance level of $1.11 and $1.14 resistance levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.11, $1.14

Support levels: $1.07, $1.06, $1.05

EURUSD Long-term Trend: Bearish

On the long term outlook, EURUSD is bearish. Last week, Bulls’ momentum could not break up the resistance level of $1.11 when the price reached the resistance level mentioned. Bearish engulfing candle formed which indicate a bearish interruption. The price is declining towards the support level of $1.09 with the pressure that broke it down. Price broke down the support level of $1.09 and currently facing the support level of $1.07.

EURUSD has penetrated the 9 period EMA and the 21 periods EMA downside, it is trading below the two EMAs which indicate an increase in the bears’ momentum. An increase in the bears’ pressure may break down $1.07 support level by the bears and this may result to further price decrease towards $1.06 and $1.05 support levels. Should Bulls push the price to penetrate the resistance level of $1.09, price may increase towards the resistance level of $1.11 and $1.14 resistance levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. The bulls were trying to push the price above the resistance level of $1.11 last week but the bears were opposing the price increase. The price decreases to the support level of $1.09 with the aid of bears’ pressure. It penetrate the just mentioned level, targeting the previous low of $1.07 support level.

The fast moving EMA has crossed the slow moving EMA and the price is trading slightly above the 9 and 21 moving EMAs. The Relative Strength Index period 14 is at 48 levels with the signal lines pointing up to indicate a buy signal.