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EURUSD Price May Bounce Up at $1.16 Support Level

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.

EURUSD daily chart, September 27

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.

EURUSD 4 hour chart, September 27

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.

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