#EURUSD Price May Reverse at $1.07 Support Level Provided Bulls’ Pressure Increase: 18 April 2022

 

EURUSD Price Analysis – April 18

When bears exert more pressure, price may break down the support level at $1.07 and it may decrease to $1.06 and $1.05 support levels. Should the support level of $1.07 holds, price may reverse and face the resistance levels of $1.09, $1.11 and $1.17.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.11, $1.14

Support levels: $1.07, $1.06, $1.05

EURUSD Long-term Trend: Bearish

On the long-term outlook, EURUSD is bearish. Bearish engulfing candle formed on March 31 at resistance level of $1.11. Bears are dominating the market as more bearish candles are emerging. Euro currency is sinking deep to the previous low of $1.07 support level due to strength gained by the US Dollar last week. The bears’ pressure increased pushing the price to penetrate the support level of $1.09.

The bearish momentum is extending to the support level of $1.07. Price may reverse at this level provided bulls gain more momentum. Meanwhile, it is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. When bears exert more pressure, price may break down the support level at $1.07 and it may decrease to $1.06 and $1.05 support levels. Should the support level of $1.07 holds, price may reverse and face the resistance levels of $1.09, $1.11 and $1.17.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. The price was under the bulls’ pressure last week, the price tests the resistance level of $1.11 after broken up the resistance level of $1.09. It seems the bears and bulls momentum is getting weak and the price may reverse at the support level of $1.07 provided bulls’ pressure increase.

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 pointing down at 40 levels indicating a bearish signal.

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