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EURUSD is carrying out retracement
EURUSD Price Analysis – 04 December
EURUSD may drop precipitously toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. The price may rise in the direction of the resistance levels of $1.10 and $1.11 if buyers are successful in keeping the price above the $1.09 barrier level.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.10, $1.11
Support levels: $1.08, $1.07, $1.06
EURUSD Long-term Trend: Bearish
EURUSD has a bright future ahead of it. On 04 October, the currency pair challenged the $1.04 support level. It recovered, hitting the $1.06 mark one week later. The bears were no longer as strong. As bulls gained momentum, the price started to climb. The resistance level between $1.07 and $1.08 was crossed above. It retreated during the course of three days. Bullish pressure continued, and the non-farm payroll report for last month helped to strengthen the EUR, pushing the price up to $1.10. Right now, the price is pulling back to retest $1.08 support level.
The currency pair is trading between 21- and 9-period exponential moving averages. An indication that bearish markets are strengthening. The price may drop precipitously toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. EURUSD may rise in the direction of the resistance levels of $1.10 and $1.11 if buyers are successful in keeping the price above the $1.09 barrier level.
EURUSD medium-term Trend: Bearish
The outlook for the EURUSD is negative in the medium term. Negative pressure has been there on the currency pair for nearly a week. As soon as the $1.09 support level was broken, the selling spree began. Since the price broke below the two EMAs, it has been building massive bearish candles. The current price is less than $1.09.
The price position below the 9- and 21-period moving averages suggests a downward trend. At level 36, the Relative Strength Index’s period 14 signal lines are declining, indicating a sell signal.
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