EURUSD Price May Form Double Bottom at $1.07 Support Level

EURUSD Price Analysis – April 18

The breaking down of the support level at $1.07 may push the price to $1.06 and $1.05 support levels. Should the support level of $1.07 is defended by the bulls price may reverse and face the resistance levels of $1.09, $1.11 and $1.17

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

EURUSD is bearish on the long-term outlook. Euro currency is sinking deep to the previous low of $1.07 support level due to strength gained by the US Dollar last week. The bears’ pressure increased pushing the price to penetrate the support level of $1.09. The bearish momentum is extending to the support level of $1.07. Price may reverse at this level provided bulls gain more momentum.

Today, bearish candle opens the market and the price is decreasing gradually facing the support level of $1.07. Meanwhile, it is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The breaking down of the support level at $1.07 may push the price to $1.06 and $1.05 support levels. Should the support level of $1.07 is defended by the bulls price may reverse and face the resistance levels of $1.09, $1.11 and $1.17.

 EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. Last week, the price tests the support level of $1.11 after broken up the resistance level of $1.09. It seems the bears’ momentum is getting weak and the price may reverse at the support level of $1.07. An increase in the bulls’ pressure may trigger a bullish reversal.

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The relative strength index period 14 is pointing down at 40 levels indicating a bearish signal.