EURUSD Price Bounces Off Resistance Level of $1.07  

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Low bullish momentum in EURUSD market

EURUSD Price Analysis – 19 December

The price may break up the resistance levels of $1.06 in which it may extend to the $1.07 and $1.08 resistance levels. A failure to break up $1.06 resistance level by the Bulls may reduce EURUSD to $1.04, $1.03, and $1.02 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.04, $1.03, $1.02

EURUSD Long-term Trend: Bullish

On the long-term outlook, EURUSD is bullish. The double bottom chart pattern formed at the support level of $0.96 a few weeks ago, it energizes the bulls to propel the price higher to the resistance level of $1.07. The bullish momentum turned former resistance levels of $1.02, $1.03, and $1.04 to support levels after a broken upside. The resistance level of $1.07 was tested on 15 December and it is currently pulling back.

The price is trading above the 9-periods and 21-periods EMA as an indication that buyers are in control of the market and also, Buyers are maintaining their momentum in the EURUSD market. The price may break up the resistance levels of $1.06 which it may extend to $1.07 and $1.08 resistance levels. A failure to break up $1.06 resistance level by the Bulls may reduce the price to $1.04, $1.03, and $1.02 support levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. Last week, it seems there was a low bullish and bearish momentum in the EURUSD market. The currency pair was trading slowly toward the resistance level of $1.06. More pressure from the bulls broke up the just-mentioned level and the resistance level of $1.07 was tested. The price bounced off from the resistance level of $1.07 and it is currently consolidating at $1.06 level.

The price is trading around the 9-periods EMA and 21-periods EMA, the two EMAs are interlocked to each other. Relative Strength Index period 14 is pointing down at 49 levels to indicate sell signal.

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