EURUSD price analysis – September 26
The price may reach the $0.94 and $0.93 support levels as the bearish momentum breaks the $0.95 support level. If the buyers push the price above the $0.97 resistance level, the price may rise to test the $0.98 resistance level, which may reach the $0.99 level.
Euro/dollar market
Key steps:
Resistance levels: $0.97, $0.98, $0.99
Support levels: $0.95, $0.94, $0.93
EURUSD Long Term Trend: Bearish
EURUSD is bullish on the long-term view. The currency pair was very bullish last week. Buyers pushed the price to a high resistance level of $1.01. The price started a multi-day movement between $1.00 and $0.98 levels. Price tested the $1.01 resistance level on September 13 and pulled back to retest the $0.99 support level. On September 21, sellers dominate the market at high speed. The $0.98 and $0.97 support levels were entered below and the $0.95 support level was tested.
Bearish pressure has entered the lower of the two EMAs. EURUSD is trading below the 9 period EMA and below the 21 period EMA. The price may reach the $0.94 and $0.93 support levels as the bearish momentum breaks the $0.95 support level. If the buyers push the price above the $0.97 resistance level, the price may rise to test the $0.98 resistance level, which may reach the $0.99 level. Relative Strength Index session 14 is at 25 levels and the signal line shows a sell signal.
EURUSD medium term trend: Bearish
EURUSD is bearish in the medium-term view. The buyers failed to break the $1.01 resistance level that was tested by the buyers last week. Buyers’ pressure became weak and failed to break the mentioned resistance level. A bearish engulfing candle was formed and the price broke the volatile support levels. Sellers’ pressure increases and the price drops to the $0.95 level currently.
The price is trading below the 9 period EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of a bearish market. Relative Strength Index period 14 is pointing towards 30 levels, indicating a sell signal.