EURUSD Price Analysis – March 28
Ability to break down $1.09 support level by the bears may result to further price decrease towards $1.07 and $1.06 support levels. Should Bulls defend the support level of $1.09, price may increase towards the resistance level of $1.11, $1.14 and $1.16 resistance levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.11, $1.14, $1.16
Support levels: $1.09, $1.07, $1.06
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. Bulls dominated the EURUSD market last two weeks. The currency pair was struggling to break up the resistance level of $1.11. On March 17, the price could not penetrate the mentioned level. It pulled back and more bearish candles were produced and the price decline to retest the support level of $1.09 level. Price may restore back to bullish trend after the pullback.
EURUSD has penetrate the 9 period EMA downside and the 21 periods EMA, it is trading below the two EMAs which indicate an increase in the bears’ momentum. Ability to break down $1.09 support level by the bears may result to further price decrease towards $1.07 and $1.06 support levels. Should Bulls defend the support level of $1.09, price may increase towards the resistance level of $1.11, $1.14 and $1.16 resistance levels.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. The bulls were getting ready to take over EURUSD market fully last week but the bears interrupt the bullish movement. The price started decreasing last week when the resistance level of $1.11 was tested and holds. The bears are increasing their pressure to break down barrier at $1.09 level.
The fast moving EMA is interlocked to the slow moving EMA and the price is trading below the fast and slow moving EMAs. The Relative Strength Index period 14 is at 43 levels with the signal lines pointing up to indicate a buy signal.
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