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Buyers’ pressure failed at $0.97 level in EURUSD market
EURUSD Price Analysis – October 10
When the bears’ pressure break down the support level of $0.96, price may reduce to support levels of $0.95 and $0.94. In case the buyers push up the price above the resistance level of $0.97, EURUSD may increase to test the resistance level of $0.98 which may extend to $0.99 levels.
Resistance levels: $0.97, $0.98, $0.99
Support levels: $0.96, $0.95, $0.94
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. On September 28, the currency pair tested the support level of 40.95. The bulls defend the mentioned level with the formation of strong bullish engulfing candle. This candle pattern send signal to the traders that bullish movement is ready to take off. The price indeed increased and tested resistance level of $0.99. The mentioned level holds and the sellers took over last week till the time of writing this report.
The bears’ pressure has penetrated the fast moving EMA and the slow moving EMA downside. EURUSD is trading below the 9 periods EMA and the 21 periods EMA. When the bears’ pressure break down the support level of $0.96, price may reduce to support levels of $0.95 and $0.94. In case the buyers push up the price above the resistance level of $0.97, the price may increase to test the resistance level of $0.98 which may extend to $0.99 levels. The Relative Strength Index period 14 is at 39 levels with the signal line pointing down to indicate a sell signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. Short “M” chart pattern is noticed on 4-hour time frame. The resistance level of $0.99 was tested last week with much pressure from the buyers. The buyers’ pressure became weak and could not break up the just mentioned resistance level. The price breaks down the $0.98 and $0.97 levels heading towards $0.96 level.
The price is trading below the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of strong bearish momentum in the market. Relative Strength Index period 14 is pointing down at 32 levels which indicate sell signal.
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