EURUSD Analysis – Price Keeps Falling as the Market Continues to Range Between the 1.19090 and 1.16600 Key Levels
EURUSD keeps falling as price continue to consolidate between two significant key levels. Before falling, price movement is observed to rise to retest a key significant mark of 1.19090. The bears have already seized control, and the market will continue to tumble to a significant key level of 1.16600. EURUSD will most likely reverse direction after reaching the 1.16600 significant point to continue ranging.
Significant EURUSD Levels
Resistance Levels: 1.22770 1.19090
Support Levels: 1.19000 1.16600
Several price reactions have occurred at the 1.22670 key significant level. Price began to consolidate before moving to the key level of 1.22670 and then reversing sharply at 1.16600. After breaking through the 1.9900 significant level, which it retested before advancing to the 1.22670 critical level, price entered a bullish trend.
EURUSD subsequently began to decline, retesting major key levels of 1.19900 and 1.19090 before the market resumed its range. Around the 1.19090 key level, the parabolic SAR (Stop and Reversal) displays three dots above the high. This indicates that it will continue to decline as its ranges. As the price continues to decline, the RSI Relative Strength Index displays a price indication around the midway level.
Following a reversal at 1.16600, the price is observed rallying upward on the 4-hour chart, reaching higher lows and highs. The market reversed at the important level of 1.19090 and is presently falling in the range market. Three dots on the Parabolic SAR indicate a bearish trend. The RSI also confirms that the market is continuing to drop, with the price signal falling around the 40.00 level. As the market continues to range at key levels, there will be further falls and small pullbacks.
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