EURUSD Facing Resistance Around 1.2170 Area – Will Push Down?


EURUSD bears are still holding the bearish momentum below 1.2185 to 1.2170 resistance level. EURUSD is facing resistance around 1.2170 significant event level. Will the bears push the price down in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s EUR/USD Technical Analysis. 

June 7, 2021, | AtoZ Markets – EURUSD is currently trading around 1.2160 area and trying to push lower. After breaking below the uptrend line last week, the bears pushed the price downward and reached 1.2110 to 1.2100 support area. However, the price has successfully retraced upside towards 1.2170 to 1.2185 resistance area. As per the current price action, the price may face strong resistance at the dynamic level on the intraday chart in the coming days.

EURUSD Facing Resistance as the Bears Are Optimistic

EURUSD is currently residing near 1.2160 area and trying to push downside. However, the price is also facing resistance at the Bollinger Bands middle band on the intraday chart.

EURUSD Facing

Image: EURUSD 4 Hour Chart

According to the 4-hour chart, EURUSD is facing resistance and currently trading around 1.2160 area. As per the current price action, if the price can have an impulsive 4-hour bearish candle close below the last candle’s low, the bears may sustain the bearish pressure towards 1.2110 to 1.2100 area as a first target. The second target will be 1.2060 to 1.2050 area if the price can break below 1.2110 to 1.2100 support level in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as strong resistance to push the price downside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands lower is currently residing below the price, which may work as strong support to push the price higher in the days ahead.

EURUSD May Continue Downward

According to the daily chart, EURUSD is facing resistance and currently trading around 1.2160 area. As per the current scenario, if the price can have an impulsive daily bearish candle close below 1.2185 to 1.2170 resistance area, the bears may push the price down towards 1.2060 to 1.2050 area in the process. On the other hand, if the price strikes higher and breaks above 1.2170 to 1.2185 area with an impulsive daily bullish candle, the bulls may regain momentum and push the price upside towards 1.2250 to 1.2260 area as a first target. The second target will be 1.2340 to 1.2350 key area if the price can break above 1.2250 to 1.2260 area in the coming days.

EURUSD Facing

Image: EURUSD Daily Chart

Moreover, the dynamic level of 20 EMA is currently residing near the price, which may work as strong resistance if the price can have a daily bearish candle close below it. Alternatively, it may work as strong support if the price can have an impulsive daily bullish candle above it. Also, the MACD lines are currently residing above the 0.00 level, which indicates that the bulls are still residing on the market and may strike higher in the days ahead.

To conclude, as the price had an impulsive daily bearish candle close below 1.2185 to 1.2170 resistance level, there is a high chance that the bears may continue the bearish pressure further in the coming days. 

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