EURUSD Price Analysis – September 27
Should the bears break down the support level of $1.16, it may decline to the $1.15 and $1.14 support level. Failure to break down $1.16 level may result to bouncing up of the price towards the resistance levels at $1.17, $1.18 and $1.19.
EUR/USD Market
Key Levels:
Resistance levels: $1.17, $1.18, $1.19
Support levels: $1.16, $1.15, $1.14
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. The currency pair is yet to break down the support level of $1.16. Last week, the market is a bit slow on the daily chart. The price played within the resistance level of $1.17 and support level of $1.16. EURUSD tested the support level of $1.16 on August 19; that was the low of that month. It is currently testing the August low as the second time; may be to form a double bottom chart pattern.
The currency pair is trading below the two EMAs which as an evidence of a bearish movement. The price is currently testing the support level of $1.16. Should the bears break down the support level of $1.16, it may decline to the $1.15 and $1.14 support level. Failure to break down $1.16 level may result to bouncing up of the price towards the resistance levels at $1.17, $1.18 and $1.19.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The September high was reached on September 03 at the resistance level of $1.18. The currency pair has been decreasing, it penetrated the former support level of $1.17 and extends the bearish momentum to $1.16 level. The price may repel from the just mentioned level.
The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement. The relative strength index period 14 is at 40 levels with the signal line displaying a bullish signal.