EURUSD Price Analysis – February 24
Should the price break up the resistance level of $1.08, the next target level will be $1.09. In case the bears defend the resistance level of $1.08, the currency pair may continue its bearish movement.
Resistance levels: $1.08, $1.09, $1.10
Support levels: $1.07, $1.06, $1.05
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. The currency pair has been under the strong bearish pressure for more than two weeks. More than two former support levels were broken downside and it becomes resistance level as at the moment, such as; $1.10, $1.09, and $1.08 price levels. On 20 February, EURUSD found support at the $1.07 price level. The Bulls defend the level and the price could not penetrate it. A strong daily bullish candle emerged and the price moved towards the resistance level of $1.08.
The currency pair maintain its trading below the 21 periods EMA and 50 periods EMAs with a wide distance between the price and EMAs, which indicates that the Bears retains the bearish position in the EURUSD market. Should the price break up the resistance level of $1.08, the next target level will be $1.09. In case the bears defend the resistance level of $1.08, the currency pair may continue its bearish movement. The relative strength index period 14 is at 40 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. Immediately after the break down of the $1.08 price level, it bottomed at the demand level of $1.07. The price started consolidation at the support level of $1.07. Today, the Bulls were trying to push up the price and reach the resistance level of $1.08.
The currency pair breaks up the two EMAs and started trading above the 21 periods EMA and 50 periods. The RSI period 14 is at 60 levels with the signal line bending down which indicates that EURUSD may still fall.
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