EURUSD Price: Bullish Pressure Triggered at $1.09 Support Level

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Bulls are dominating EURUSD market

EURUSD Price Analysis – 24 April

When the bulls are successful in breaking through the $1.11 resistance level, the price may rise much further into the $1.12 and $1.13 barrier levels. If the Bears are able to hold the $1.11 resistance level, the price may fall toward the $1.10, $1.09, and $1.08 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.11, $1.12, $1.13

Support levels: $1.10, $1.09, $1.08

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. The currency pair was under the control of the bulls since 16 March when it found support at $1.04. The price bounced and many bullish candles were produced. The former resistance levels of $1.08, $1.09, and $1.10 penetrated upside.  The $1.10 resistance level was tested and pulled back on 14 April and retested the $1.10 level. The bulls are gaining momentum targeting the $1.11 level.

EURUSD remains above the 9 periods EMA and the 21 Periods EMA. The fact that it is trading above the two EMAs suggests that the bulls are gaining pace. When the bulls are successful in breaking through the $1.11 resistance level, the price may rise much further into the $1.12 and $1.13 barrier levels. If the Bears are able to hold the $1.11 resistance level, the price may fall toward the $1.10, $1.09, and $1.08 support levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The EURUSD market was already under bulls’ grip. Four weeks ago, the bulls halted the bearish movement. After testing established the sturdiness of the $1.09 support level, the price started to rise during the past two weeks. The barrier at $1.09 level resisted the bulls and the price pulled back. At the moment, buyers are gaining more momentum.

The fast-moving EMA is above the slow-moving EMA and the price is trading above the two moving EMAs. The Relative Strength Index period 14 is at 64 levels with the signal lines pointing up to indicate a buy signal.

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