Analysis

EURUSD Price Is Heading Towards $1.14 Support Level

EURUSD Price Analysis – November 01

In case the bears successfully push the price to $1.14 level, then, $1.13 and $1.12 levels may be reached. Should the support level of $1.14 holds, the price may reverse and increase towards $1.15, $1.16 and $1.17 resistance levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.15, $1.16, $1.17

Support levels: $1.14, $1.13, $1.12

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. At the early stage of market last week, the currency pair was under the buyers’ pressure. The price was trying to have a bullish reversal movement and the resistance level of $1.14 was tested. The bears interrupted the bulls at $1.16 level with the formation of strong daily bearish candle which penetrates the $1.15 support level.

EURUSD Daily chart, November 01

The price is moving towards the supporting level of $1.14 and it has broken down the 9 periods EMA and 21 periods EMA as a sign of bearish movement. In case the bears successfully push the price to $1.14 level, then, $1.13 and $1.12 levels may be reached. Should the support level of $1.14 holds, the price may reverse and increase towards $1.15, $1.16 and $1.17 resistance levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. A bearish movement continues in the EURUSD market. The bullish pressure pushed the price to test the resistance level of $1.16 on October 28 with strong bullish candle. The bears defended the $0.16 level and there was a bearish price reversal at the mentioned level. The support level of $1.15 was penetrated downside and it is heading towards $1.14 level at the moment.

EURUSD 4-hour chart, November 01

The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The relative strength index period 14 is at 40 levels with the signal line displaying a bearish signal.

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