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EURUSD Price Found Support at $1.20, a Bullish Potential Reversal Zone – Cryptovibes.com – Daily Cryptocurrency and FX News

EURUSD Price Found Support at $1.20, a Bullish Potential Reversal Zone – Cryptovibes.com – Daily Cryptocurrency and FX News


EURUSD Price Analysis – March 01

More bearish pressure will break down the support level of $1.20 and the price may bottom at the previous low level of $1.19 and $1.18 level. In case the support level of $1.20 holds, the price may bounce and rally towards the resistance level of $1.22, $1.23, and $1.27.

EUR/USD Market

Key Levels:

Resistance levels: $1.22, $1.23, $1.27

Support levels: $1.20, $1.19, $1.18

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. On February 25, the currency pair reached the high of $1.22 resistance level. The bears would not allow the continuation of the bullish trend. The daily bullish candle ended with the formation of an inverted pin bar candle at $1.22 resistance level. This is a bearish candle pattern. The market followed the bears’ direction and the price descend towards the support level at $1.20.

EURUSD daily chart, March 01

The two EMAs were penetrated downside by the bearish pressure and the price is trading below the 9 periods EMA 14 and the 21 periods EMA. More bearish pressure will break down the support level of $1.20 and the price may bottom at the previous low level of $1.19 and $1.18 level. In case the support level of $1.20 holds, the price may bounce and rally towards the resistance level of $1.22, $1.23, and $1.27. The Relative Strength Index period 14 is below 45 levels with the signal line pointing down to indicate a sell.

 

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. Last week, the pair was under the control of the bulls. The bullish pressure pushed the price to reach the high of $1.22 price level. The bulls lose their momentum and this made it impossible for the pair to penetrate the level upside.  A doji evening star chart pattern formed; this is a bearish reversal chart pattern. The pair follows the pattern direction and it decreases towards the support level at $1.20.

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EURUSD 4-hour chart, March 01

The price has crossed the 9 periods EMA and 21 periods EMA downside, trading below the two EMAs. The Relative Strength Index period 14 is at 20 levels with the signal line bending down to indicate sell signal.

Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.



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