EURUSD Price: Will Buyers Defend $1.06 Support Level?

EURUSD market may experience bullish momentum soon

EURUSD Price Analysis –25 September

The price may drop much further toward the $1.05 and $1.04 barrier levels if sellers are successful in breaching the $1.06 support level. The price may rise in the direction of the $1.08 and $1.09 resistance level if buyers are successful in sustaining the price above the $1.07 barrier level.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.08, $1.09

Support levels: $1.06, $1.05, $1.04

 EURUSD Long-term Trend: Bearish

The long-term outlook for EURUSD is unfavorable. Increased downside pressure is on the EURUSD market, and buyers and sellers are vying with one another to prevent further declines. A few weeks ago, the currency pair was profitable. The bulls were in charge. It saw a good momentum rise on July 18 and reached $1.12. The bullish continuation pattern was formed, but the bears were able to prevent the $1.12 barrier from breaking up. The current price is down from the previous one of $1.07. Price is currently on its way to reaching its May low.

The fact that the 9-period and 21-period exponential moving averages are currently trading below one another shows that the bears are gaining momentum. The two EMAs are above the currency pair. EURUSD may drop much further toward the $1.05 and $1.04 barrier levels if sellers are successful in breaching the $1.06 support level. The price may rise in the direction of the $1.08 and $1.09 resistance level if buyers are successful in sustaining the price above the $1.07 barrier level.

EURUSD medium-term Trend: Bearish

The medium-term outlook for EURUSD is gloomy. For more than two weeks, the currency pair has been under bearish pressure. Selling accelerated as soon as the $1.09 support level was broken. There have been a lot of big bearish candles, and the price has dropped under $1.07.  Price may soon revert to its positive trend.

A negative trend is indicated by the price position below the 9- and 21-period moving averages. The period 14 signal lines for the Relative Strength Index are decreasing and displaying a sell signal at level 40.

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