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EURUSD Price May Bounce Up at $1.17 Support Level

EURUSD Price Analysis – September 13

In case the bears increase their momentum at the support level of $1.17, previous low at $1.16 may be tested, below the just mentioned level is $1.15 support level. If the bulls defend the support level of $1.17, price may reverse and increase towards the resistance levels at $1.18, $1.19 and $1.20.

EUR/USD Market

Key Levels:

Resistance levels: $1.18, $1.19, $1.20

Support levels: $1.17, $1.16, $1.15, $1.14

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. The currency pair hits the resistance level at $1.18 on September 03. The daily bullish candle turned to inverted hammer which led to the formation of candle pattern called “evening Star’’. This is a bearish signal to the EURUSD market and the price obeyed the command of the bears. EURUSD declined, tested the support level of $1.17 and currently repelling from the support level.

EURUSD is currently pulling back from the support level of $1.17. The currency pair is trading below the two EMAs which is an evidence of a bearish movement. In case the bears increase their momentum at the support level of $1.17, previous low at $1.16 may be tested, below the just mentioned level is $1.15 support level. If the bulls defend the support level of $1.17, price may reverse and increase towards the resistance levels at $1.18, $1.19 and $1.20.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. Last week, EUR was weak in strength and the US Dollar was strong; this led to the falling of the currency pair towards the support level of $1.17. The bears’ momentum is getting weak when it tested the support level of $1.17 level. A strong bullish candle is in formation at the moment and this can lead to bullish movement.

The price is trading between the 9 periods EMA and 21 periods EMA as an indication of bullish reversal movement. The relative strength index period 14 is above 40 levels with the signal line displaying a bullish signal.

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