EURUSD Price Penetrates $1.07 Level Targeting $1.06 Support Level

Bearish momentum increases in EURUSD market

EURUSD Price Analysis – 13 February

EURUSD may fall to the $1.06, $1.04, and $1.03 support levels, should Bulls be unable to break above the $1.07 resistance level, . If buyers exert more pressure, the price may break over the $1.07 resistance level and hit the $1.09 and $1.10 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.09, $1.10

Support levels: $1.06, $1.04, $1.03

EURUSD Long-term Trend: Bearish

On the Long-term outlook, EURUSD is bearish. Prior to two weeks ago, the currency pair went through a brief period of consolidation at the $1.09 level. A strong bullish breakout occurred on February 1st, but the sellers stopped the breakout by forming a bearish engulfing candle. There are more daily bearish candles being created, including today, which shows that the bears are exerting more pressure.

The $1.07 support level has been bridged by the price. EURUSD is trading below both the 9- and 21-period EMAs, which indicates that sellers are in charge of the EURUSD market. As the price of the EURUSD falls below the two EMAs, sellers are in control of the market and are picking up steam. Should Bulls be unable to break above the $1.07 resistance level, the price may fall to the $1.06, $1.04, and $1.03 support levels. If buyers exert more pressure, the price may break over the $1.07 resistance level and hit the $1.09 and $1.10 levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. After a protracted period of positive action, the resistance level of $1.09 was recently tested in the EURUSD market. Sellers were able to effectively defend the level that had been earlier highlighted, thanks to a big bearish engulfing candle that formed. The price is falling and targeting the $1.06 support level.

 

EURUSD is trading below the 9- and 21-period exponential moving averages (EMAs). The Relative Strength Index period 14 is pointing up at 38 levels signaling a buy that may be a pullback.

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