EURUSD Price: A Bullish Reversal at $1.06 Support Level Envisaged

Azeez Mustapha

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Bulls may dominate the EURUSD market

EURUSD Price Analysis – 12 June

The price may increase far more toward the $1.09 and $1.10 barrier levels if the buyers are successful in breaking through the $1.08 resistance level. EURUSD may move in the direction of the $1.06, $1.05, and $1.04 support levels if sellers are able to hold the $1.08 support level.

EUR/USD Market

Key Levels:

Resistance levels: $1.08, $1.09, $1.10

Support levels: $1.06, $1.05, $1.04

 EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. The bears have been in control ever since the currency pair encountered resistance at $1.11 on May 3. Price made a reversal off the mentioned level, and multiple bearish candles appeared. The price fell below previous support levels at $1.09 and $1.08.  On May 18, when it hit the $1.07 support level, it was delayed and retried. The price has already broken through the $1.07 barrier and tested the $1.06 barrier. The price is currently pulling back.

The 9 and 21-period EMAs are both below the price of the EURUSD at this time. The fact that it is currently trading beneath the price shows that the bulls are making progress. The price may increase far more toward the $1.09 and $1.10 barrier levels if the buyers are successful in breaking through the $1.08 resistance level. The price may move in the direction of the $1.06, $1.05, and $1.04 support levels if sellers are able to hold the $1.08 support level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The vendors’ enthusiasm has grown during the last three weeks. The bears have been in control of the EURUSD market. The price dropped throughout the prior week as a result of testing that showed the $1.08 resistance level to be resilient. The bulls’ failure to break through the $1.08 resistance level causes the price to fall. The $1.06 level is currently being faced with the downward penetration of the $1.07 level. Bulls defend $1.06 support level and the price is increasing.

Price is located above the two moving EMAs, indicating a bullish trend. The Relative Strength Index period 14’s signal lines are going upward to show a buy signal at level 62.

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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.

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