EURUSD Price Analysis – December 23
When the Bears exert more pressure on the currency pair, it will decrease further to reach the support level of $1.10. In case the $1.10 price level holds it may reverse, if not the next target will be $1.09 price level.
Resistance levels: $1.11, $1.12, $1.13
Support levels: $1.10, $1.09, $1.08
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. The Bulls pushed the price to cross above the resistance level of $1.11on 11 December. The bullish movement extended to a high of $1.12; this is the level reached on November 01. The Bears continue to defend the $1.12 price level and the price declined to retest the $1.11 price level. On December 20, a strong daily bearish candle emerged and broke down the just mentioned level, then, targeting the support level of $1.10.
The price has penetrated the 21 periods EMA downside targeting the 50 periods EMA; the currency pair is trading between the two EMAs which implies that the Bears are taking over the EURUSD market. When the Bears exert more pressure on the currency pair, it will decrease further to reach the support level of $1.10. In case the $1.10 price level holds it may reverse, if not the next target will be $1.09 price level. However, the relative strength index period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The price increased towards the resistance level of $1.12 last two weeks. The Bulls momentum became weak and the price could not break up the level. It reverses under the Bears’ pressure and broke down the former support level of $1.11.
EURUSD is currently trading below the 21 periods EMA and 50 periods EMA and the relative strength period 14 is at 40 levels with the signal lines pointing up to indicate a buy signal.
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