EURUSD Price Analysis – February 18
In case the support level of $1.07 holds, the price may reverse. Should the support level of $1.07 give way for the price to pass through, then, the price may expose to the support level of $1.06.
Resistance levels: $1.08, $1.09, $1.10
Support levels: $1.07, $1.06, $1.05
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. The Sellers would not let go in the EURUSD market, hold tight to the market. The bearish momentum is increasing with the formation of more bearish candles. The price level of $1.08 acted as a support level for the currency pair eight days ago. The bearish pressure penetrated the level downside, currently, the level is acting as a resistance to the currency pair. The price is declining towards the demand level of $1.07.
The distance between EURUSD and the two EMAs is increasing as the pair is trading below the 21 periods EMA and 50 periods EMAs which connotes that the Bears maintain the controlling of the EURUSD market. In case the support level of $1.07 holds, the price may reverse. Should the support level of $1.07 give way for the price to pass through, then, the price may expose to the support level of $1.06. The relative strength index period 14 is at oversold level (below 20 levels) with the signal lines pointing up to indicate a buy signal.
EURUSD medium-term Trend: Ranging
EURUSD is ranging in the medium-term outlook. The bearish momentum was able to break down the former support level of $1.08. Shortly after that, the seller’s momentum became weak and the price could not decrease further. Likewise, the buyer’s pressure was weak and could not push up the price. This scenario resulted in consolidation.
The currency pair is trading below the 21 periods EMA and 50 periods EMA which connotes that the Bearish momentum is still in place. The RSI period 14 is at 30 levels without showing a specific direction, which indicates that consolidation is ongoing in the EURUSD market.
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