EURUSD Price: Will There Be a Bearish Reversal at $1.11 Resistance Level?

Bears may dominate EURUSD market

EURUSD Price Analysis – 08 May

In case the bulls are successful in breaking through the $1.11 resistance level, the price may rise substantially further into the $1.12 and $1.13 barrier levels. If Bears are successful in holding the $1.11 resistance level, the price may fall toward the $1.10, $1.09, and $1.08 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.11, $1.12, $1.13

Support levels: $1.10, $1.09, $1.08

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. Since the currency pair found support near $1.04 on March 16, the bulls have been in charge. The price bounced and several bullish candles were formed. Prior resistance levels of $1.08, $1.09, and $1.10 were crossed by the price.  The $1.10 resistance level was tested on April 14 before being pushed back and tested again. With more momentum, the bulls are attempting to break over the $1.11 barrier level.

The 9-period and 21-period EMAs are still below the EURUSD. The fact that it is trading above the two EMAs suggests that the bulls are gaining traction. In case the bulls are successful in breaking through the $1.11 resistance level, the price may rise substantially further into the $1.12 and $1.13 barrier levels. If Bears are successful in holding the $1.11 resistance level, the price may fall toward the $1.10, $1.09, and $1.08 support levels.

EURUSD medium-term Trend: Ranging

EURUSD is ranging on the medium-term outlook. Last week, the momentum of buyers and sellers was weak above the $1.10 mark. The EURUSD market was already in the hands of the bulls. A few weeks ago, the bulls reversed the bearish trend. After testing demonstrated the durability of the $1.09 support level, the price started to increase during the past two weeks. The barrier at $1.09 was too strong for the bulls to overcome, and the price retreated. At the moment, the price is on the ranging movement between $1.11 and $1.10 levels.

The fast-moving EMA is interlocked with the slow-moving EMA and the price is trading over and around the two moving EMAs. The Relative Strength Index period 14 is at 50 levels with the signal lines pointing down to indicate a sell signal.

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