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Bears may continue to dominate EURUSD market
EURUSD Price Analysis – 05 June
In case the sellers are successful in breaching the $1.06 support level, the price could fall considerably farther toward the $1.05 and $1.04 barrier levels. If buyers are able to hold the $1.06 support level, the price may go toward the $1.07, $1.08, and $1.09 resistance levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.07, $1.08, $1.09
Support levels: $1.06, $1.05, $0.04
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. Since the currency pair found resistance at $1.11 on May 3, the bears have been in charge. The price bounced off the stated level and several bearish candles formed. Previous support levels of $1.09 and $1.08 were breached by the price. It was pushed back and retried after reaching the $1.07 support level on May 18. The price has already breached the $1.07 level and is now vulnerable to the $1.06 level.
Currently, the EURUSD price is below both the 9 and 21-period EMAs. The fact that it is trading below the two EMAs at this time suggests that the bears are gaining ground. In case the sellers are successful in breaching the $1.06 support level, the price could fall considerably farther toward the $1.05 and $1.04 barrier levels. If buyers are able to hold the $1.06 support level, the price may go toward the $1.07, $1.08, and $1.09 resistance levels.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. Over the past three weeks, the enthusiasm of sellers has intensified. The EURUSD market has been under the influence of bears. Testing that revealed the $1.08 resistance level to be durable has caused the price to decline during the previous week. The price decreases as a result of the bulls’ failure to overcome the $1.08 resistance level. At this time, the downward penetration of the $1.07 level is facing the $1.06 level.
Price is located beneath the two moving EMAs, indicating a bearish trend. The Relative Strength Index period 14’s signal lines are going downward to show a sell signal at levels 31.
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