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EURUSD Price Analysis – January 18

In case the Bears maintain their momentum and push down the price to break $1.19 levels, then, $1.18 and $1.17 maybe its target. In case the bulls interrupt the bearish momentum, the price may reverse and face the resistance level at $1.122, $1.221, and $1.23.

EUR/USD Market

Key Levels:

Resistance levels: $1.21, $1.22, $1.23
Support levels: $1.19, $1.18, $1.17

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. The currency pair was bullish last week and the pressure pushed the price to test the resistance level of $1.23. The bulls lose their momentum and a bearish engulfing candle emerges which triggered the bearish momentum. The former resistance level of $1.22 and $1.21 was penetrated downside. The price is currently trading below the $1.21 level.

The two EMAs were penetrated downside by the bears’ pressure and the price is trading below the 9 periods EMA and the 21 periods EMA. In case the Bears maintain their momentum and push down the price to break $1.19 levels, then, $1.18 and $1.17 maybe its target. In case the bulls interrupt the bearish momentum, the price may reverse and face the resistance level at $1.122, $1.221, and $1.23. The Relative Strength Index period 14 is at 40 levels with the signal line pointing down to indicate a sell.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. The currency pair is under the bulls’ control last week in the medium chart. The bears’ pressure interrupted the bulls at the $1.23 level. This scenario pushed down the price to break the support level of $1.22 on January 10. The price pulled back to retest the broken level. The bearish movement continues and breaks down the support level of $1.21.

The price is trading below the 9 periods EMA and 21 periods EMA and the Relative Strength Index period 14 is below 40 levels bending down to indicate further price decrease.