EURUSD Is Ranging Within $1.22 and $1.20 Price Levels – Cryptovibes.com – Daily Cryptocurrency and FX News

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EURUSD Price Analysis – February 01

Should the support level of $1.20 holds , the price will increase to test the $1.22 level in which it may be penetrated and increase to $1.23 and $1.24 price levels. Increase in the bears’ momentum may break down the support level of $1.20 which may drop the price down to previous low at $1.19 and $1.18.

EUR/USD Market

Key Levels:

Resistance levels: $1.22, $1.23, $1.24
Support levels: $1.20, $1.19, $1.18

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. The bullish trend that commenced on November 25 pushed up the price to the resistance level of $1.23 on January 06. The bulls’ pressure became weak and could not break up the mentioned resistance level. A bearish engulfing candle emerges and the price decline to retest the support level at $1.20. It seems the bulls want to push up the price to $1.22 level before it falls.

The two EMAs were are coming closer tyo each other and the price is trading at close range below the 9 periods EMA and 21 periods EMA. Should the support level of $1.20 holds , the price will increase to test the $1.22 level in which it may be penetrated and increase to $1.23 and $1.24 price levels. Increase in the bears’ momentum may break down the support level of $1.20 which may drop the price down to previous low at $1.19 and $1.18. The Relative Strength Index period 14 is at 50 levels with the signal line pointing down to indicate a sell.

EURUSD medium-term Trend: Ranging

EURUSD is on the ranging mode in the medium-term outlook. The currency pair is range –bound within the resistance level at $1.22 and support level at $1.20. The high of January was reached at the resistance level of $1.23, the bulls were unable to penetrate the level, the price decreases due to an increase in the bears’ pressure, it found support at $1.20 and started the ranging movement.

EURUSD 4-hour chart, February 01

The price is trading over and around the 9 periods EMA and 21 periods EMA, the two EMAs are interlocked as a sign of ranging market. However, the Relative Strength Index period 14 is at 50 levels with the signal line pointing downside which indicates a sell signal.

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