EURUSD Price Is Targeting Support Level of $1.11 – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURUSD Price Analysis – February 14
In case Bears are able to push the price to support level of $1.11, then, support level of $1.10 and $1.09 may be tested. Alternatively, in case the just mentioned level holds, the price may continue its bullish trend towards $1.13, $1.14 and $1.16 levels
EUR/USD Market
Key Levels:
Resistance levels: $1.13, $1.14, $1.16
Support levels: $1.11, $1.10, $1.09
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. EURUSD currency pair could not continue a bearish trend when the price reached the low of $1.11 on January 28. The price formed a morning star candle pattern which triggered a bullish momentum. More bullish candles were produced and the price tested the resistance level of $1.14 on February 10. A long tailed Doji formed at the just mentioned level indicating a price reversal. The price is currently declining towards the $1.11 support level.
The price is trading below the 21 periods EMA and 9 periods EMA decreasing towards the previous low of $1.11. In case Bears are able to push the price to support level of $1.11, then, support level of $1.10 and $1.09 may be tested. Alternatively, in case the just mentioned level holds, the price may continue its bullish trend towards $1.13, $1.14 and $1.16 levels. Meanwhile, the Relative Strength index period 14 is at 46 levels pointing down to indicate further price reduction.
EURUSD medium-term Trend: Bearish
EURUSD is on the bearish movement on the medium-term outlook. On January 28, the bulls took over the market and the price increased to the resistance level of $1.14 after broken up the former resistance level of $1.13. The price pulled back and tested the support level of $1.13. The price retested the resistance level of $1.14 on February 10. Today, Bears are prevailing and the $1.13 is broken down, price targeting $1.11 level.
The Relative Strength Index period 14 is at 33 levels with the signal lines pointing down to indicate a sell signal and further reduction in price.
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