EURUSD Price Analysis – September 16
Should the Bears were able to penetrate the barrier at the support level of $1.09 downside, then, the support level of $1.08 will be the next target. On the other hand, in case the just mentioned level holds, the price may pull back.
Resistance levels: $1.10, $1.11, $1.12
Support levels: $1.09, $1.08, $1.07
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. EURUSD currency pair has been on the bearish trend for more than a month. The price has formed a descending channel on the daily chart. The price reached the resistance level of $1.11on September 13. The Bullish momentum became weak and the level could not be a broken upside. On the daily chart, a strong bearish candle was produced today which penetrated the price level of $1.10 downside and the price is currently exposed to the support level of $1.09.
EURUSD has penetrated the two EMA downside, the price is trading below the 21 periods EMA and 50 periods EMA heading towards the previous low of $1.09. Should the Bears were able to penetrate the barrier at the support level of $1.09 downside, then, the support level of $1.08 will be the next target. On the other hand, in case the just mentioned level holds, the price may pull back.
However, the stochastic oscillator period 14 is above 60 levels with the signal lines pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish on the medium-term outlook. The price action on the 4-hour chart has formed head and shoulder pattern. The neckline is broken and the price declining already broke down the former support level of $1.10 heading towards the support level of $1.09.
The stochastic oscillator period 14 is at 50 levels with the signal lines pointing down to indicate a sell signal and further reduction in price.
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