EURUSD Price Analysis – November 08
Ability to break down the support level of $1.15, the price may decrease to $1.14 and $1.13 support levels. Should the resistance level of $1.16 is penetrated, the resistance levels of $1.17 and $1.18 may be tested
EUR/USD Market
Key Levels:
Resistance levels: $1.16, $1.17, $1.18
Support levels: $1.15, $1.14, $1.13
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. The bears hold un to the EURUSD market and the price action is trying to form a double bottom chart pattern. The pattern is a bullish signal to the EURUSD market. It is gathering momentum for the bullish movement. The price may soar towards the north side.
At the moment, the price is facing the support level of $1.15. It is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. Ability to break down the support level of $1.15, the price may decrease to $1.14 and $1.13 support levels. Should the resistance level of $1.16 is penetrated, the resistance levels of $1.17 and $1.18 may be tested.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The price action has formed a double bottom chart pattern on the 4-hour chart. The first touch was on October 29, the currency pair pulled back and retest the resistance level of $1.16. the bears opposed the bullish movement with the formation of strong bearish candle, the price fall and tested the support level of $1.15 on November 05. The price may increase and break up $1.16.
The price is trading between the 9 periods EMA and 21 periods EMA as an indication of bullish market. The relative strength index period 14 is at 50 levels with the signal line displaying a bullish signal.
