EURUSD Price Tests Potential Reversal Zone at $1.15

EURUSD Price Analysis – October 04
Should the bears defend the support level of $1.15, it price may reverse and increase towards the resistance level of $1.16, $1.17 and $1.18. Failure to defend the support level of $1.15 by the bears, bearish movement may continue towards the support level of $1.14 and $1.13.

EUR/USD Market
Key Levels:
Resistance levels: $1.16, $1.17, $1.18

Support levels: $1.15, $1.14, $1.13

EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. The sellers exert more pressure and the currency pair declined and break down the support level of $1.16. Last week, the market was bearish and the price tested the support level at $1.15. It seems the bears’ momentum is getting weak at the support level of $1.15.
The price is gradually pulling back from the support level of $1.15. The currency pair is trading below the two EMAs which as an evidence of a bearish movement. Should the bears defend the support level of $1.15, it price may reverse and increase towards the resistance level of $1.16, $1.17 and $1.18. Failure to defend the support level of $1.15 by the bears, bearish movement may continue towards the support level of $1.14 and $1.13.

EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. The currency pair has been decreasing since the price reached September high at the resistance level of $1.18. It has penetrated the former support level of $1.17 and extends the bearish momentum to $1.16 level. The price may reverse at the support level of $1.15.

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