EURUSD Price Analysis – October 28
Further increase in the Bulls’ momentum may lead to a further decrease in price towards the support level of $1.10. In case the Bulls push up the price and the daily candle closes above $1.11 price level, then, the bullish trend may continue
Resistance levels: $1.11, $1.12, $1.13
Support levels: $1.10, $1.09, $1.08
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. After the bullish breakout at the resistance level of $1.11 on 17 October, the price increased towards the resistance level of $1.12. Along the way, before the price reaches the targeted resistance level, the bears interrupted the bullish movement with the formation of a short pin bar and this triggered the bears’ momentum. The price reversed and retested the broken level of $1.11 in which it was broke down on 25 October and the price closed below the level. Today, a daily bullish candle opened the market and the price pulled back to $1.11 price level.
The price is trading above the 21 periods EMA and the 50 periods EMA at a close range which indicates that the Bears are taking over the EURUSD market. Further increase in the Bulls’ momentum may lead to a further decrease in price towards the support level of $1.10. In case the Bulls push up the price and the daily candle closes above $1.11 price level, then, the bullish trend may continue. Meanwhile, the Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing down to connotes sell signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. Last week, the Bears were holding the market tight. On the 4-hour chart, the momentum of the Bulls became weak. The Bears took up the baton and pushed down the price to penetrated the support level of $1.11.
The price is trading below the 21 periods EMA and 50 periods EMA, moving up gradually towards the broken level. The stochastic oscillator period 14 is at 40 levels with the signal lines pointing up to indicate a buy signal.
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