EURUSD Price May Experience Bullish Reversal at $1.11 – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURUSD Price Analysis – February 28
In case the bulls defend the support level of $1.11, price may commence a bullish movement towards the resistance levels of $1.13, $1.14 and 41.16. Alternatively, should the support level of $1.11 is penetrated by the bears’ pressure, the price may continue its bearish trend towards $1.10, and $1.09 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
On the long term outlook, EURUSD is bearish. EURUSD has been under the bears’ control for more than two weeks. The currency pair experienced another strong bearish pressure and it dropped to the support level of $1.11. This is the third time the price is testing the mentioned support level. It indicates that triple bottom chart pattern is under formation. If it forms, the price may reverse at the mentioned level.
EURUSD has broken down the two EMA downside, the price is trading below the 9 periods EMA and 21 periods EMA testing the support level of $1.11. In case the bulls defend the support level of $1.11, price may commence a bullish movement towards the resistance levels of $1.13, $1.14 and 41.16. Alternatively, should the support level of $1.11 is penetrated by the bears’ pressure, the price may continue its bearish trend towards $1.10, and $1.09 levels. The Relative Strength index period 14 is at 37 levels pointing down to indicate price decrease.
EURUSD medium-term Trend: Bearish
EURUSD is on the bearish movement on the medium-term outlook. Last week, the price was on the ranging movement but before market close, the price tested the support level of $1.11 level. A pin bar candle formed which indicate the beginning of a bullish movement. Today, EURUSD market experienced a bearish gap which reduces the price to previous low level at $1.11 level.
The Relative Strength Index period 14 is at 36 levels with the signal lines pointing up to indicate a buy signal and further increase in price.
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