EURUSD Price Analysis – March 23
In case the Bears gain more pressure and break down the demand level of $1.06, the next target downsides are $1.05, and $1.04. The breaking up of the resistance level of $1.07 will expose the price to resistance levels of $1.08 and $1.09.
Resistance levels: $1.07, $1.08, $1.09
Support levels: $1.06, $1.05, $1.04
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. EURUSD is currently obeying the bearish command after it was resisted at the resistance level of $1.15. Bearish momentum pushed down the price to the $1.10 price level. There was a pullback to retest the resistance level of $1.12. On 17 March, a bearish engulfing candle emerged and the price decline to the support level of $1.06. The price bounced and dropped again to the demand level.
EURUSD is trading below the 9 EMA periods 14 and 21 EMA periods 14 at a distance. The 9 EMA has crossed the 21 periods EMA downside which indicates that the Bears are fully in control of the EURUSD market. In case the Bears gain more pressure and break down the demand level of $1.06, the next target downsides are $1.05, and $1.04. The breaking up of the resistance level of $1.07 will expose the price to resistance levels of $1.08 and $1.09. The relative strength index period 14 is at 30 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. EURUSD has been bearish for more than two weeks. The bearish trend continues and placed the price at the demand level of $1.06 on 19 March, it bounces to retest the resistance level of $1.07, it dropped to the previous low to make a double bottom. The bearish momentum seems to weaken and the price may reverse.
The currency pair is trading in between the 21 periods EMA and 9 periods EMA. The RSI period 14 is above 40 levels with the signal line pointing up which indicates buy signal.
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