EURUSD Price Analysis – March 17
The breakdown of the support level of $1.09 by the Bears’ pressure may push down the price to the support levels of $1.08 – $1.07. In case the support level of $1.09 is defended by the Bulls, the price may consolidate before it reverses.
Resistance levels: $1.10, $1.11, $1.12
Support levels: $1.09, $1.08, $1.107
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. EURUSD topped at the resistance level of $1.15 on 09 March. The bullish momentum could not break up the level. A strong bearish daily candle formed on 10 March, the price decreased below the former support level of $1.13. More massive bearish candles emerged and the price decreased further to $1.10 price level. Today, bearish momentum increases and the former support level of $1.10 are currently penetrating by the bears.
The 9 EMA periods 14 is making attempt to cross the 21 EMA periods 14 downside and the price has crossed the two EMAs downside trading below the EMAs. This implies that the bears are in control of the EURUSD market. The breakdown of the support level of $1.09 by the Bears’ pressure may push down the price to the support levels of $1.08 – $1.07. In case the support level of $1.09 is defended by the Bulls, the price may consolidate before it reverses. The relative strength index period 14 is at 40 levels with the signal lines pointing down to indicate a sell signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The currency pair is under the Bears’ pressure in the medium term. The bullish trend became weak when the bulls pushed up the price to the resistance level of $1.15. The pair descended to the support level of $1.11 and pulled back to retest the broken level of $1.12. Bearish momentum continues and the price is heading towards the support level of $1.09.
The currency pair is trading below the 21 periods EMA and 9 periods EMA. The RSI period 14 is at 20 levels with the signal line pointing down which indicates sell signal.
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