EURUSD Price Analysis – January 24
The price may retest the previous low of $1.11 before bullish trend continue. Bullish trend may encounter resistance at $1.13, $1.15 and $1.16 levels. Below the current price are $1.11, 41.09 and $1.07 support levels
EUR/USD Market
Key levels:
Supply levels: $1.13, $1.15, $1.16
Demand levels: $1.11, $1.09, $1.07
EURUSD Long-term trend: Bearish
EURUSD is on the bearish movement on the daily chart. The currency pair found support at $1.11 on November 24. A bullish engulfing candle formed and bullish movement was triggered. The $1.13 price level was broken upside and the price face the resistance level of $1.15. An evening chart pattern emerged which indicate that sellers’ pressure increases. The price pulled back below the confluence at $1.13.
EURUSD price is currently trading below the 9 periods EMA and 21 periods EMA which indicate that bears’ momentum is increasing. The relative strength index period 14 is below 50 levels and the signal lines pointing down displaying bearish direction. The price may retest the previous low of $1.11 before bullish trend continue. Bullish trend may encounter resistance at $1.13, $1.15 and $1.16 levels. Below the current price are $1.11, 41.09 and $1.07 support levels.
EURUSD medium-term Trend: Bearish
On the daily chart, EURUSD is bearish. The price was ranging within the resistance level of $1.38 and support level of $1.11 last week. On January 22, there was a bullish breakout at the $1.38 resistance level and it increased towards the $1.15 level. Before it reaches the mark, bears interrupted the bullish movement and the price is declining towards the previous low at the moment.
EURUSD is trading below the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is below 40 level and the signal lines pointing down to indicate a sell signal.
