EURUSD Price May Retest $1.04 Level Before Bullish Reversal Take Place

Bulls may dominate EURUSD market soon

EURUSD Price Analysis –02 October

If sellers are successful in breaking through the $1.04 support level, the EURUSD could fall considerably farther toward the $1.03 and $1.02 barrier levels. If buyers are successful in keeping the price above the $1.06 barrier level, the price may advance in the direction of the $1.07 and $1.08 resistance level.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.04, $1.03, $1.02

EURUSD Long-term Trend: Bearish

The outlook for EURUSD over the long run is bearish. EURUSD market is under increased downside pressure, and buyers and sellers are competing with one another to halt additional drops. The currency pair tested the support level of $1.04 on 27 September. Last week, it pulled back and tested the $1.06 level. The power of the bulls was interrupted. The bearish movement continued when bears gained more pressure. The cost has decreased from the previous $1.07 price. Price is currently headed toward hitting the previous low.

The bears are gaining pace, as seen by the fact that the 9-period and 21-period exponential moving averages are currently trading below one another. The EURUSD is below the two EMAs. If sellers are successful in breaking through the $1.04 support level, the price could fall considerably farther toward the $1.03 and $1.02 barrier levels. If buyers are successful in keeping the price above the $1.06 barrier level, the price may advance in the direction of the $1.07 and $1.08 resistance level.

EURUSD medium-term Trend: Bearish

EURUSD’s medium-term forecast is bleak. The currency pair has been under bearish pressure for more than two weeks. As soon as the $1.09 support level was breached, selling picked up speed. Numerous large bearish candles have formed, and the price is below the $1.06 level.  Price could soon return to its upward trend

The price position below the 9- and 21-period moving averages indicates a downward trend. The Relative Strength Index’s period 14 signal lines are descending and showing a sell signal at level 40

You can purchase Lucky Block here.  Buy LBLOCK