EURUSD Price: Bullish Trend May Continue to $1.09 Resistance Level

Azeez Mustapha


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Bulls are dominating EURUSD market

EURUSD Price Analysis – 13 March

EURUSD may increase to the $1.09 and $1.10 resistance levels if the Bulls are able to break above the $1.07 barrier level. The $1.04 and $1.03 levels may be reached if sellers apply more pressure, pushing the price past the $1.06 support level.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.09, $1.10

Support levels: $1.06, $1.04, $1.03

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the Long-term outlook. The currency pair was under the control of sellers since three weeks ago. The bearish momentum commenced when the resistance level of $1.10 held. The bears gained more pressure and the price decreases. The former support level of $1.09 and $1.07 turned into resistance levels. The support level of $1.04 was tested. EUR gained more strength when USD lose strength at the Non-farm payroll news last Friday. EURUSD is currently increasing trying to break up the $1.07 resistance level.

Since the EURUSD market is currently trading above both the 9- and 21-period EMAs, buyers are progressively taking control of the market. Buyers are in charge of the market and are gaining momentum as the price of the EURUSD rises above the two EMAs. The price may increase to the $1.09 and $1.10 resistance levels if Bulls are able to break above the $1.07 barrier level. The $1.04 and $1.03 levels may be reached if sellers apply more pressure, pushing the price past the $1.06 support level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair was seeing strong seller momentum a few weeks ago. After hitting $1.10, a resistance level, the price began to decline. The $1.06 support level has turned to the resistance level. Right now, it appears that the bulls are entering the market again with more vigor. This week, buyers might dominate the market.

The price is now increasing and is currently breaking the $1.07 resistance level. The Relative Strength Index for period 14 is pointing up at 67 levels and is indicating a buy signal.  The 9 – period EMA has crossed above the 21-period exponential moving averages upside and EURUSD is trading above it, indicating a buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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