Bearish momentum may increase further in EURUSD market
EURUSD Price Analysis – 20 February
The price may drop to the $1.06, $1.04, and $1.03 support levels if Bulls are unable to break above the $1.07 resistance level. EURUSD may cross the $1.07 resistance level and reach the $1.09 and $1.10 levels if buyers apply further pressure.
EUR/USD Market
Key Levels:
Resistance levels: $1.07, $1.09, $1.10
Support levels: $1.06, $1.04, $1.03
EURUSD Long-term Trend: Bearish
EURUSD is bearish on Long-term outlook. The currency pair commenced a bullish movement on November last year and the price reached the high of $1.10 resistance level on 01 February. An inside bar candle formed at the just mentioned level which is a bearish reversal candle pattern. The price is falling at the moment and it may go down further below $1.06 support level.
The price has crossed the $1.07 resistance level downside. Because EURUSD is currently trading below both the 9- and 21-period EMAs, sellers are currently in control of the EURUSD market. Sellers are in charge of the market and are gaining momentum as the price of the EURUSD declines below the two EMAs. The price may drop to the $1.06, $1.04, and $1.03 support levels if Bulls are unable to break above the $1.07 resistance level. Price may cross the $1.07 resistance level and reach the $1.09 and $1.10 levels if buyers apply further pressure.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The resistance level of $1.10 was tested in the EURUSD market after a protracted period of positive action. Sellers were able to effectively defend the level that had been earlier mentioned. A big bearish engulfing candle formed and the price is falling and targeting the $1.06 support level.
The Relative Strength Index period 14 is pointing up at 49 levels signaling a buy which may be a pullback. EURUSD is trading below the 9- and 21-period exponential moving averages (EMAs).
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