EURUSD Price Analysis – March 07
In case the bears defend the support level of $1.07, price may commence a bullish movement towards the resistance levels of $1.09, $1.11 and $1.14. On the other hand, should the support level of $1.07 is penetrated by the bears’ pressure, the price may continue its bearish trend towards $1.06, and $1.04 levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.11, $1.14
Support levels: $1.07, $1.06, 1.04
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. Last two weeks, the price closed at $1.11 level. EURUSD remains under the control of the bears. The bearish scenario commenced on February 10 at the resistance level of $1.14. The currency pair experienced another strong bearish pressure and it decline to the support level of $1.07 which is the 52 weeks low. This is a potential reversal zone.
It is currently testing the support level of $1.07 level. EURUSD has broken down the two EMA downside, the price is trading below the 9 periods EMA and 21 periods EMA. In case the bears defend the support level of $1.07, price may commence a bullish movement towards the resistance levels of $1.09, $1.11 and $1.14. On the other hand, should the support level of $1.07 is penetrated by the bears’ pressure, the price may continue its bearish trend towards $1.06, and $1.04 levels. The Relative Strength index period 14 is at 22 levels pointing down to indicate sell signal.
EURUSD medium-term Trend: Bearish
EURUSD is on the bearish movement on the medium-term outlook. The sellers intensify their pressure and the former support level of $1.11 and $1.09 turns to resistance level. The price is heading towards the low of $1.07. Failure to defend the just mentioned support level may leads to further price declination.
The Relative Strength Index period 14 is at 23 levels with the signal lines pointing down to indicate a sell signal and further decrease in price.
