EURUSD Price May Pull Back at $1.07 Support Level

EURUSD is under bearish pressure

EURUSD Price Analysis – 11 December

If sellers can breach the $1.07 support level, the price can tumble sharply toward the $1.06 and $1.05 barrier levels. If buyers can maintain the price above the $1.08 barrier level, the price may increase in the direction of the resistance levels of $1.09 and $1.10.

EUR/USD Market

Key Levels:

Resistance levels: $1.08, $1.09, $1.10

Support levels: $1.07, $1.06, $1.05

EURUSD Long-term Trend: Bearish

EURUSD has a negative future. The currency pair tested the $1.09 resistance level on November 29, after its bouncing back from the support level of $1.04. The bulls lost their strength. The price began to fall as bears gained traction. The barrier level between $1.09 and $1.08 was overcome. Over the three days, it withdrew. The sellers increased pressure and the price dropped to the support level of $1.07.

The 21- and 9-period exponential moving averages are above the currency pair which is a sign that markets’ negative is weakening. If sellers can breach the $1.07 support level, the price can tumble sharply toward the $1.06 and $1.05 barrier levels. If buyers can maintain the price above the $1.08 barrier level, the price may increase in the direction of the resistance levels of $1.09 and $1.10.

EURUSD medium-term Trend: Bearish

The medium-term forecast for the EURUSD is bearish. The currency pair has been under negative pressure for more than a week. The selling frenzy started as soon as the $1.09 resistance level was tested. The price has been constructing enormous bearish candles ever since it dropped below the two EMAs.  Right now, the cost is under $1.08.

A downward trend is indicated by the price position below the 21- and 9-period moving averages. The period 14 signal lines of the Relative Strength Index are decreasing at level 45, suggesting a sell signal.

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