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

Sellers are opposing buyers in EURUSD market

EURUSD Price Analysis –09 October

EURUSD may drop far more toward the $1.03 and $1.02 barrier levels if sellers are successful in breaching the $1.04 support level. The price may rise in the direction of the $1.07 and $1.08 resistance level if buyers are successful in sustaining the price above the $1.06 barrier 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

Over the long term, the EURUSD prognosis is bearish. The downside pressure on the EURUSD market has grown, and buyers and sellers are vying with one another to prevent further declines. On September 27, the currency pair tested the $1.04 support level. It retreated and tested the $1.06 level last week. The bulls’ strength was cut off. When bears applied further pressure, the bearish movement continued. The price is less than the prior $1.06 value. Price is currently on the verge of dropping to a prior low.

The fact that the 9-period and 21-period exponential moving averages are currently trading below one another indicates that the bears are gaining momentum. The two EMAs are above the EURUSD. The price may drop far more toward the $1.03 and $1.02 barrier levels if sellers are successful in breaching the $1.04 support level. The price may rise in the direction of the $1.07 and $1.08 resistance level if buyers are successful in sustaining the price above the $1.06 barrier level.

EURUSD medium-term Trend: Bearish

The medium-term EURUSD forecast is negative. For more than two weeks, the currency pair has been under bearish pressure. Selling accelerated as soon as the $1.09 support level was broken. The price has fallen down the $1.06 level and numerous sizable bearish candles have formed.  Price may shortly resume its upward trajectory.

A declining trend is indicated by the price position below the 9- and 21-period moving averages. The period 14 signal lines for the Relative Strength Index are dropping and displaying a sell signal at level 48.

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