EURUSD Price: A Bullish Breakout Envisaged

Updated:

EURUSD Price Analysis – June 06

Should the bears break down the support level of $1.06, the price may reach support levels of $1.04 and $1.02. In case the buyers push up the price above the resistance level of $1.07, the price may increase to test the resistance level of $1.09 which may extend to $1.11 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.09, $1.11

Support levels: $1.06, $1.04, $1.02

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. Sellers could not dominate the EURUSD market any longer when the price tested the low of $1.02 support level on May 12. Buyers gain momentum and the price increase, it broken up the resistance level of $1.06. The resistance level of $1.07 is tested last week. The price was confined within the resistance level of $1.07 and support level of $1.06 as a result of low bearish and bullish momentum.

EURUSD is trading slightly above the 9 periods EMA and the 21 periods EMA. The two EMAs were penetrated upside by the bulls’ pressure. Should the bears break down the support level of $1.06, the price may reach support levels of $1.04 and $1.02. In case the buyers push up the price above the resistance level of $1.07, the price may increase to test the resistance level of $1.09 which may extend to $1.11 level. The Relative Strength Index period 14 is at 54 levels with the signal line pointing up to indicate a buy signal.

EURUSD medium-term Trend: Ranging

EURUSD is ranging in the medium-term outlook. The price is dangling within the resistance level of $1.07 and the support level of $1.06. The mentioned resistance level holds the price and the bulls’ momentum is not sufficient to break up the level. The bears’ pressure is equally weak and the support level of $1.06 has not been broken downside. Ranging movement will continue until there is a breakout.

The price is trading around and over the 9 periods EMA and 21 periods EMA, the two EMAs are not separated from each other as a sign of low momentum in the market. Relative Strength Index period 14 is pointing up at 56 levels which indicate a buy signal.

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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.