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EUR/USD Price Touches $1.180 Support to Continue Bearish Trend

Published on

January 30, 2023
Read Time:2 Minute, 20 Second

EUR/USD Value Evaluation – July 6

EUR/USD is at present buying and selling under the 9-day and 21-day shifting averages; an extra improve within the bears’ strain might return the worth to the earlier low of $1.17.

EUR/USD Lengthy-term Development: Bearish (Day by day Chart)

Key ranges:
Resistance Ranges: $1.200, $1.205, $1.210
Assist Ranges: $1.170, $1.165, $1.160

EUR/USD is bearish on the long-term outlook. The EUR has been weak when it comes to foreign money energy for some days; that is what offers the EUR/USD alternative to stays below the bear for multiple month. The bearish momentum pushed the worth to achieve the low of $1.180 help degree. Wanting on the day by day chart, the bulls’ momentum is getting weak and the bears are step by step taking up the EUR/USD market.

EUR/USD Value Evaluation: Would EUR/USD Proceed Bearish Development?

EUR/USD is buying and selling under the 9-day and 21-day shifting averages as the worth is shifting in direction of the decrease boundary of the channel, focusing on the $1.180 help. Due to this fact, ought to the bears push down the worth under the $1.180 value degree; the worth is prone to attain $1.170, $1.165, and $1.160 value degree. In case the help degree of $1.182 degree holds, the foreign money pair might reverse and confront the resistance degree at $1.200, $1.205, and $1.210.

In the meantime, because the red-line of the 9-day shifting common stays under the green-line of the 21-day shifting common, the market value might proceed to observe the bearish pattern. Nevertheless, that is additionally confirmed by the technical indicator Relative Energy Index (14) because the sign line is seen shifting into the oversold area to point extra promote alerts.

EUR/USD Medium-term Development: Bearish (4H Chart)

EUR/USD is bearish within the medium-term outlook. The foreign money pair is rejected on the value degree of $1.189 and descends to interrupt down the $1.180 help degree. In the mean time, the bears are exerting extra strain and the worth is reducing in direction of the help degree of $1.178 and under.

In the meantime, the 9-day MA is making an attempt to cross under the 21-day MA whereas EUR/USD is buying and selling under the 2 shifting averages. Nevertheless, the technical indicator Relative Energy Index (14) is shifting round 38-level with the sign line pointing as much as point out a purchase sign. In case the help degree of $1.180 degree holds, the foreign money pair might reverse and confront the resistance ranges at $1.185 and above.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 30, 2023
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