#EURUSD Price May Bounce Up at Support Level of $1.03 :4 July 2022
EURUSD Price Analysis – July 04
In case the sellers push price to penetrate the support level of $1.03 downside, the price may decrease to support levels of $1.01 and $1.00. When the buyers push up the price above the resistance level of $1.04, the price may increase towards the resistance level of $1.06 which may test the $1.07 level.
EUR/USD Market
Key Levels:
Resistance levels: $1.04, $1.06, $1.07
Support levels: $1.03, $1.01, $1.00
EURUSD Long-term Trend: Bearish
On the long term outlook, EURUSD is bearish. Last week, the currency pair formed a double bottom chart pattern at the support level of $1.03. The price increased towards the resistance level of $1.06. Bears defended the just mentioned level and the price declined towards the previous low at $1.03. At the moment, the price action is trying to form a triple bottom chart pattern at $1.03 level.
EURUSD is trading below the 9 periods EMA and the 21 periods EMA as the fast periods EMA is below slow periods EMA. In case the sellers push price to penetrate the support level of $1.03 downside, the price may decrease to support levels of $1.01 and $1.00. When the buyers push up the price above the resistance level of $1.04, the price may increase towards the resistance level of $1.06 which may test the $1.07 level. The Relative Strength Index period 14 is at 41 levels with the signal line pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The price retested the previous low of $1.03 last week, on 4-hour chart. It seems the bears’ momentum is getting weak as bulls are opposing the bears at the mentioned support level.
The price is trading below the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of bearish momentum in the market. Relative Strength Index period 14 is pointing up at 44 levels which indicate a buy signal.
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