EURUSD Price May Experience a Bullish Reversal at $1.07 Support Level

The Euro is currently trading at the $1.12 level, but a strong move lower may be in store for EURUSD as support levels are tested. A bullish reversal could take place if this area of interest can successfully break through on a parabolic rally.

The “difference between retracement and pullback” is a question that many people have been asking lately. The answer to this question is that a retracement is when the price goes down, but then goes up again. A pullback is when the price goes up, but then goes down again.

EURUSD Price Analysis for the 14th of March

If the Bulls break through the $1.09 resistance level and finish the daily candle above it, the price might begin a bullish run towards the $1.11 and $1.14 resistance levels. In the event that the bulls fail to break through $1.09, the price may consolidate or fall towards the $1.07, $1.06, and $1.05 support levels.

EUR/USD Exchange Rates

Levels of importance:

$1.09, $1.11, $1.14 are the resistance levels.

$1.07, $1.06, $1.05 are the support levels.

 

Long-term trend for EURUSD is bearish.

On a long-term basis, the EURUSD is negative. For more than two weeks, the currency pair has been under bearish pressure, pushing the EURUSD near the $1.07 support level on March 7. As the bullish engulfing candle developed, it indicates that the bears’ pressure is easing and the bulls are prepared to seize control of the market. The price rose near the $1.11 barrier level. It retreated to retest the $1.09 support level. The market is now dominated by buyers, and the price might rise to $1.14.

The price is trading below the 21 periods EMA and 9 periods EMA at close contact indicate weak bearish pressure and EURUSD is trying to penetrate the two EMA upside. If the Bulls break through the $1.09 resistance level and finish the daily candle above it, the price might begin a bullish run towards the $1.11 and $1.14 resistance levels. In the event that the bulls fail to break through $1.09, the price may consolidate or fall towards the $1.07, $1.06, and $1.05 support levels.

EURUSD is in a bearish trend over the medium term.

EURUSD has a gloomy medium-term outlook. The negative impetus is fading, and the price is rising steadily. The price movement seems to be attempting to construct a brief “W” chart pattern. The price is rising in an attempt to break through the $1.09 barrier on the upside.

The price is trading above the fast moving EMAs and the fast moving EMA is below the slow moving EMA. The signal lines on the Relative Strength Index period 14 are heading up, indicating a purchase signal.

The “retracement vs correction” is a common trading strategy. It is used to identify when the price of an asset is moving in a pattern that suggests it will reverse its previous trend. The “EURUSD Price May Experience a Bullish Reversal at $1.07 Support Level”.