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

Published on

July 6, 2021

EUR/USD Price Analysis – July 6

EUR/USD is currently trading below the 9-day and 21-day moving averages; a further increase in the bears’ pressure may return the price to the previous low of $1.17.

EUR/USD Long-term Trend: Bearish (Daily Chart)

Key levels:
Resistance Levels: $1.200, $1.205, $1.210
Support Levels: $1.170, $1.165, $1.160

EUR/USD is bearish on the long-term outlook. The EUR has been weak in terms of currency strength for some days; this is what gives the EUR/USD opportunity to remains under the bear for more than one month. The bearish momentum pushed the price to reach the low of $1.180 support level. Looking at the daily chart, the bulls’ momentum is getting weak and the bears are gradually taking over the EUR/USD market.

EUR/USD Price Analysis: Would EUR/USD Continue Bearish Trend?

EUR/USD is trading below the 9-day and 21-day moving averages as the price is moving towards the lower boundary of the channel, targeting the $1.180 support. Therefore, should the bears push down the price below the $1.180 price level; the price is likely to reach $1.170, $1.165, and $1.160 price level. In case the support level of $1.182 level holds, the currency pair may reverse and confront the resistance level at $1.200, $1.205, and $1.210.

Meanwhile, as the red-line of the 9-day moving average remains below the green-line of the 21-day moving average, the market price may continue to follow the bearish trend. However, this is also confirmed by the technical indicator Relative Strength Index (14) as the signal line is seen moving into the oversold region to indicate additional sell signals.

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

EUR/USD is bearish in the medium-term outlook. The currency pair is rejected at the price level of $1.189 and descends to break down the $1.180 support level. At the moment, the bears are exerting more pressure and the price is decreasing towards the support level of $1.178 and below.

Meanwhile, the 9-day MA is trying to cross below the 21-day MA while EUR/USD is trading below the two moving averages. However, the technical indicator Relative Strength Index (14) is moving around 38-level with the signal line pointing up to indicate a buy signal. In case the support level of $1.180 level holds, the currency pair may reverse and confront the resistance levels at $1.185 and above.

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 : July 6, 2021

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