EURUSD Price Analysis – February 21
In case the bulls are able to push the price to resistance level of $1.14, then, resistance level of $1.16 and $1.17 may be tested. On the other hand, should the support level of $1.13 is broken downside, the price may continue its bearish trend towards $1.13, $1.11 and $1.10 levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.14, $1.16, $1.17
Support levels: $1.13, $1.11, $1.10
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. EURUSD could not make a significant movement last week on the daily chart. It is under the bears’ control. The bearish movement started at the resistance level of $1.14 when the bulls could not break up the mentioned level. The price pulled back and it was heading towards the support level of $1.11 before the bulls interrupted the movement. The currency pair is on the ranging movement around $1.13 level.
EURUSD is penetrating the two EMA upside, the price is trading slightly above the 9 periods EMA and 21 periods EMA heading towards the resistance level of $1.14. In case the bulls are able to push the price to resistance level of $1.14, then, resistance level of $1.16 and $1.17 may be tested. On the other hand, should the support level of $1.13 is broken downside, the price may continue its bearish trend towards $1.13, $1.11 and $1.10 levels. The Relative Strength index period 14 is at 51 levels pointing up to indicate price increase.
EURUSD medium-term Trend: Ranging
EURUSD is on the ranging movement on the medium-term outlook. The price action on the 4-hour chart was bearish last week. The price was heading towards the support level of $1.11 level. The bearish momentum failed along the way and the price started to consolidate at $1.13 level.
The Relative Strength Index period 14 is at 51 levels with the signal lines pointing down to indicate a sell signal and further reduction in price.
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