EURUSD Maintains the Upside Bias As Bulls Propel Price Towards 1.1400 Level


EURUSD Price Analysis – June 11

In the later part of the week, EURUSD increases slightly, returning to the 1.1380 regions after momentarily exceeding the key barrier at 1.1400 level. The euro has two distinct advantages over the USD attributable to the early success of Europe in defeating coronavirus and the aims of the EU Fund, EURUSD is garnering as of writing 0.13 percent at 1.1356 level.

Key Levels
Resistance Levels: 1.1569, 1.1495, 1.1422
Support Levels: 1.1257, 1.1055, 1.0635
EURUSD Long term Trend: Bullish
The pair was trading close to the set level at 1.1380 all through today’s morning. The price level is capable of gaining support from the moving average reaching close to 1.1320 level, so activity is progressing upwards. The price may then exceed the horizontal resistance level at 1.1458 in this situation.

In the meantime, recognize that the currency pair would have to exceed the medium-term resistance level of 1.1422. If the level provided holds a south reversal may occur and the pair may re-test the support given at level 1.1320.
EURUSD Short term Trend: Bullish
The EURUSD 4-hour chart on Thursday reveals that the uptrend channel is intact while the growth potential with resistance is anticipated at level 1.1422. As of late May, EURUSD has been trading in an uptrend channel. Last week’s efforts to break higher failed, but the most common currency pair in the globe has retained on to channel.

Besides, momentum remains vertically on the 4-hour chart while EURUSD trades above the 5 and 13 moving averages. Its resistance awaits and initial peak at 1.1422 level, capped by a level of 1.1458. The next level to track is the March high of 1.1495 level as support lies at level 1.1320, the daily low, backed up by level 1.1247, the weekly low.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.