EURUSD Price Eyes Previous Low Support Level at $1.07 – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURUSD Price Analysis – April 11
When bears’ pressure increase, it may break down $1.07 support level and this may result to further price decrease towards $1.06 and $1.05 support levels. Should Bulls push the price to penetrate the resistance level of $1.09, price may increase towards the resistance level of $1.11 and $1.14 resistance levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.11, $1.14
Support levels: $1.07, $1.06, $1.05
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. Bulls’ momentum was weak to break up the resistance level of $1.11 when the price tested the resistance level of $1.11. The Bearish engulfing candle emerged at the same level indicate an increase of bearish momentum. The price is declines toward the support level of $1.09 with formation of more bearish candles that broke the just mentioned level down. Price broke down the support level of $1.09 and currently facing the support level of $1.07.
EURUSD has penetrated the 9 period EMA and the 21 periods EMA downside, it is trading below the two EMAs which indicate an increase in the bears’ momentum. When bears’ pressure increase, it may break down $1.07 support level and this may result to further price decrease towards $1.06 and $1.05 support levels. Should Bulls push the price to penetrate the resistance level of $1.09, price may increase towards the resistance level of $1.11 and $1.14 resistance levels.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. Buyers were tried to overpower sellers last week by pushing the price above the resistance level of $1.11, but the bears were opposing the price increase with formation of strong bearish candles. The price decreases to the support level of $1.09 with the aid of bears’ pressure. It penetrate the just mentioned level, targeting the previous low of $1.07 support level.
The fast moving EMA has crossed the slow moving EMA and the price is trading slightly above the 9 and 21 moving EMAs. The Relative Strength Index period 14 is at 48 levels with the signal lines pointing up to indicate a buy signal.
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