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Bulls’ momentum may decrease
EURUSD Price Analysis – 20 November
The price may drop precipitously toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. The price may rise in the direction of the resistance levels of $1.10 and $1.11 if buyers are successful in maintaining the price above the $1.09 barrier level.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.10, $1.11
Support levels: $1.08, $1.07, $1.06
EURUSD Long-term Trend: Bullish
EURUSD has a bullish long-term future. On September 27, the currency pair tested the $1.04 support level. It recovered and hit $1.06 a week later. The bears were no longer as strong. Bulls gained momentum and prices started increasing. The support level of $1.06, $1.07 was broken upside. It pulled back for three days. The bulls continued to exert pressure, the non-farm payroll news of this month energized EUR and the price continued increasing to $1.09 level. At the moment, the price is pulling back from the just mentioned level.
The currency pair’s 21- and 9-period exponential moving averages are now being traded above. an indication that the bulls are strengthening. Both EMAs are exceeded by the EURUSD. The price may drop precipitously toward the $1.07 and $1.06 barrier levels if sellers are successful in breaking through the $1.08 support level. The price may rise in the direction of the resistance levels of $1.10 and $1.11 if buyers are successful in maintaining the price above the $1.09 barrier level.
EURUSD medium-term Trend: Bullish
In the medium run, the EURUSD outlook is favorable. For almost three weeks, there has been bullish pressure on the currency pair. The purchasing intensified as soon as the $1.04 support level was breached. The price has been progressively constructing enormous bullish candles as it moves above $1.06. Prices is currently risen above $1.08 level.
An upward trend is indicated by the price position above the 9- and 21-period moving averages. The period 14 signal lines of the Relative Strength Index are inclining at level 74, suggesting a buy signal.
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