Will There Be a Price Decrease to $1.07 Support Level? – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURUSD Price Analysis – March 28
When the bears break down $1.09 support level, the price may decline further towards $1.07 and $1.06 support levels. Should Bulls defend the support level of $1.09, price may increase towards the resistance level of $1.11, $1.14 and $1.16 resistance levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.11, $1.14, $1.16
Support levels: $1.09, $1.07, $1.06
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. Last two weeks, Bulls were in control of EURUSD market. The currency pair could not break up the resistance level of $1.11. On March 17, the price carried out retracement towards the $1.09 support level. It is currently trying to break down $1.09 level. It pulled back and more bearish candles were produced and the price decline to retest the support level of $1.09 level. Price may retrace to retest the support level of $1.09.
EURUSD is trying to penetrate the 9 period EMA and the 21 periods EMA, it is trading below the two EMAs which indicate an increase in the bears’ momentum. When the bears break down $1.09 support level, the price may decline further towards $1.07 and $1.06 support levels. Should Bulls defend the support level of $1.09, price may increase towards the resistance level of $1.11, $1.14 and $1.16 resistance levels.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. Last week, the bulls were getting ready to take over EURUSD market. The bears gained more momentum and interrupt the bullish movement. The price started decreasing last week when the resistance level of $1.11 was tested and holds. The bears are increasing their pressure to break down barrier at $1.09 level.
The fast moving EMA is interlocked to the slow moving EMA and the price is trading below the fast and slow moving EMAs. The Relative Strength Index period 14 is at 43 levels with the signal lines pointing up to indicate a buy signal.
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