EURUSD Price: Bulls Are Gaining More Momentum, An Increase Envisaged

Sellers’ momentum decreases in EURUSD market

EURUSD Price Analysis – 31 July

The price may drop far lower toward the $1.10 and $1.09 barrier levels if sellers are successful in breaching the $1.11 support level. EURUSD may advance in the direction of the $1.12, $1.13, and $1.14 resistance levels if buyers are successful in holding the $1.11 support level.

EUR/USD Market

Key Levels:

Resistance levels: $1.12, $1.13, $1.14

Support levels: $1.11, $1.10, $1.09

 EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. Since the currency pair hit a support level near $1.04 on May 3, the bulls have been in control. The price movement has formed an upward channel on the daily chart. A bullish continuation pattern is demonstrated by this particular chart pattern. Numerous bullish candles appeared as the price moved away from the expected level. Prior resistance was broken at $1.09 and $1.10 by the price. On July 18, the price surpassed the $1.11 barrier level and it continues towards $1.12 level.

The fact that the EURUSD is currently trading above the 9-period EMA suggests that the bulls are gaining momentum. The price may drop far lower toward the $1.10 and $1.09 barrier levels if sellers are successful in breaching the $1.11 support level. The price may advance in the direction of the $1.12, $1.13, and $1.14 resistance levels if buyers are successful in holding the $1.11 support level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. Sellers’ pressure has been on the increase since three weeks ago. The support level of $1.09 was located and the buyers defended the just-mentioned level. Strong bullish candles were produced and the price increased above the $1.10 level.  There is a potential that the price may increase to the $ 1.1 level permits.

A rising trend is indicated by the price position above the 9-periods moving average. The period 14 signal lines for the Relative Strength Index are rising and displaying a buy signal at level 46.

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