EURUSD Price Analysis – November 04
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: $1.12, $1.13, $1.14
Support levels: $1.11, $1.10, $1.09
EURUSD Long-term Trend: Bullish
On the long term outlook, EURUSD is bullish. The currency pair carried out a price retracement towards the broken level of $1.11 on October 25. The price found support at the dynamic support level of 21 periods EMA and 50 periods EMA. The price bounced and rallied towards the previous high at the resistance level of $1.12. The Bulls were in control of the EURUSD market last week. The price action eventually formed a “Double Top” price pattern. Today, a daily bearish candle emerged which indicates that the Bears dominated the market.
EURUSD is moving towards the 21 periods EMA and the 50 periods EMA which indicates that the Bearish momentum is increasing. In case the Bears break down the support level of $1.11, the price may find support at $1.10 price level. Should the support level of $1.11 holds, it may consolidate or reverse to target the resistance level of $1.12. The Stochastic Oscillator period 14 is above 80 levels with the signal lines pointing down to indicates sell signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. After the breakup that took place at the former support level of $1.11, the price moved towards the resistance level of $1.12 but could not reach the mark. The price started consolidating until the Bears gained momentum and the dynamic support levels of 21 periods and 50 periods EMA were penetrated.
The price is currently penetrating the 50 periods EMA downside after it penetrated 21 periods EMA. The stochastic oscillator period 14 is at 30 levels with the signal lines pointing down to indicate a strong sell signal.
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