Bearish momentum increases in EURUSD market
EURUSD Price Analysis – 06 February
EURUSD may drop to the $1.06, and $1.05 support levels if the Bulls are unable to break past the $1.09 resistance level. Price can jump through the $1.09 resistance level and reach the $1.10 and $1.11 levels if buyers apply more pressure.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.10, $1.11
Support levels: $1.07, $1.06, $1.05
EURUSD Long-term Trend: Bearish
On the Long-term outlook, EURUSD is bearish. The currency pair experiences a short period of consolidation two weeks ago around $1.09 level. On 01 February, there was a strong bullish breakout but the sellers interrupted the breakout with the formation of a bearish engulfing candle. More daily bearish candles are produced including today which indicates an increase in the bears’ pressure. At the moment, the price is struggling to break down the support level of $1.07.
Sellers are in control of the EURUSD market as evidenced by the fact that the EURUSD is trading below both the 9- and 21-period EMAs. Sellers are in charge of the market and are gaining momentum as the price of the EURUSD trades below the two EMAs. The price may drop to the $1.06, and $1.05 support levels if the Bulls are unable to break past the $1.09 resistance level. Price can jump through the $1.09 resistance level and reach the $1.10 and $1.11 levels if buyers apply more pressure.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The resistance level of $1.09 was recently tested in the EURUSD market after a long period of bullish movement. A strong bearish engulfing candle that formed enabled sellers to successfully defend the level that had been earlier highlighted. The price is declining trying to break down the support level of $1.07.
EURUSD is trading below the 9- and 21-period exponential moving averages (EMAs). The Relative Strength Index period 14 is pointing down at 29 levels signaling a sell.
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