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EURUSD tests $1.10 resistance level
EURUSD Price Analysis – 27 November
If sellers are able to breach the $1.09 support level, the price can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers are able to keep the price above the $1.00 barrier level, the price may advance in the direction of the resistance levels of $1.11 and $1.12.
EUR/USD Market
Key Levels:
Resistance levels: $1.10, $1.11, $1.12
Support levels: $1.09, $1.08, $1.07
EURUSD Long-term Trend: Bullish
Over time, the EURUSD has a promising future. The currency pair tested the $1.04 support level on September 27. It bounced back, reaching $1.06 level, a week later. The bears had lost their strength. Bulls gained traction, and the price began to rise. The $1.07–$1.08 resistance level was breached on the upside. It withdrew for a span of three days. Bullish pressure persisted, and this month’s non-farm payroll news gave the EUR a boost, causing the price to rise to the $1.09 mark. The price is currently increasing above $1.09 level.
The 21- and 9-period exponential moving averages of the currency pair are now being traded above. A sign that bull markets are getting stronger. The EURUSD is above both EMAs. If sellers are able to breach the $1.09 support level, the price can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers are able to keep the price above the $1.00 barrier level, the price may advance in the direction of the resistance levels of $1.11 and $1.12.
EURUSD medium-term Trend: Bullish
In the medium run, the EURUSD outlook is favorable. For almost three weeks, there has been positive pressure on the currency pair. The buying accelerated as soon as the $1.07 support level was breached. The price has been steadily constructing enormous bullish candles as it has risen above $1.06. Prices are now higher than $1.09.
The price position above the 9- and 21-period moving averages suggests an upward trend. At level 68, the Relative Strength Index’s period 14 signal lines are inclining, indicating a buy signal.
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