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Bears’ pressure failed at $0.95 level in EURUSD Market
EURUSD Price Analysis – October 03
When the bulls’ momentum break up the resistance level of $0.98, the price may reach resistance levels of $0.99 and $1.00. In case the sellers push down EURUSD below the support level of $0.97, the price may decrease to test the support level of $0.96 which may extend to $0.95 levels.
Resistance levels: $0.98, $0.99, $1.00
Support levels: $0.97, $0.96, $0.95
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. The currency pair has been falling as Sellers were in control of the market for more than two weeks. The former support levels of $1.00 and $0.99 have been penetrated downside. Last week, $0.96 support level could not withstand the sellers’ pressure. The support level of $0.95 was eventually tested on September 26. Buyers defended the just mentioned level with the formation of bullish engulfing candle. The price is increasing towards the resistance level of $0.98.
The bulls’ pressure has penetrated the fast moving EMA upside. EURUSD is trading between the 9 periods EMA and the 21 periods EMA. When the bulls’ momentum break up the resistance level of $0.98, the price may reach resistance levels of $0.99 and $1.00. In case the sellers push down the price below the support level of $0.97, the price may decrease to test the support level of $0.96 which may extend to $0.95 levels. The Relative Strength Index period 14 is at 44 levels with the signal line pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. The support level of $0.95 was tested last week with much pressure from the sellers. The bears’ pressure became weak and could not break down the just mentioned support level. Double bottom chart pattern is noticed on the 4-hour chart. The price reached $0.98 and started a consolidating movement.
The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of strong bullish momentum in the market. Relative Strength Index period 14 is pointing up at 57 levels which indicate a buy signal.
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