EURUSD Remains Below 1.2100 Event Area – Will Continue Lower?


EURUSD has become volatile and still residing inside the ranges of 1.2180 to 1.1980 area. EURUSD remains below 1.2100 psychological event level. Will bears continue to push the price lower 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. 

May 13, 2021, | AtoZ Markets – EURUSD is currently trading around 1.2080 area and trying to push downside. After bouncing from 1.1980 to 1.2000 support level, the bulls have regained momentum and pushed the price upward quite impulsively, but failed to break above 1.2150 to 1.2180 resistance area. As per the current price action context, the price may face strong resistance around 1.2115 to 1.2100 area in the coming days.

EURUSD Remains Below as the Bears Are Optimistic

EURUSD is currently residing near 1.2080 area and trying to push downward. However, the price also broke below the dynamic level of 20 EMA on the intraday chart.

EURUSD Remains Below

Image: EURUSD 4 Hour Chart

According to the 4-hour chart, EURUSD remains below and currently trading around 1.2080 area. As per the current price action, if the price can have an impulsive bearish candle close below 1.2115 to 1.2100 area, the bears may sustain the bearish pressure towards 1.2000 to 1.1980 area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price, which has already worked as strong resistance. Along with this, the MACD lines are currently residing above the o.oo level after having a bearish crossover. It indicates that the bears may continue to push the price lower in the process.

EURUSD May Decline Further

According to the daily chart, EURUSD remains below and currently residing near 1.2080 area. As per the current scenario, if the price can break below the dynamic level of 20 EMA with an impulsive daily bearish candle, the bears may push the price down towards 1.2000 to 1.1980 area as a first target. The second target will be 1.1870 to 1.1850 area if the price can break below 1.2000 to 1.1980 area in the process.

EURUSD Remains Below

Image: EURUSD Daily Chart

On the other hand, if the price declines towards 1.2000 to 1.1980 area and bounced upside with an impulsive daily bullish candle, the bulls may regain momentum and recover higher towards 1.2150 to 1.2180 area as a first target. The second target will be 1.2300 to 1.2350 key area if the price can break above 1.2150 to 1.2180 area in the coming days.

Furthermore, the dynamic level of 20 EMA is currently residing below the price and holding the price as strong support. Therefore, the bears may regain momentum if the price can break below the dynamic level in the process. Also, the Stochastic Oscillator lines are currently residing below the overbought level 80 and had a bearish crossover. It indicates that the bears may sustain the bearish pressure further in the days ahead.

To conclude, as the price had an impulsive daily bearish candle close after rejecting 1.2180 to 1.2150 resistance area, there is a high chance that EURUSD may decline further downside. A daily close is needed to identify the definite momentum in the coming days. 

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