EURUSD Price: Bulls Are Gathering Momentum to Break Up $1.02 Resistance Level

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Azeez Mustapha

Updated: 13 October 2022

EURUSD Price Analysis – August 01

Should the Bears penetrate the support level of $1.01 and daily candle close below it, then, the price may embark on bearish trend towards the $1.00 and $0.99 support levels. Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06.

EUR/USD Market

Key Levels:

Resistance levels: $1.02, $1.04, $1.06

Support levels: $1.01, $1.00, $0.99

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. The price decline to the low of support level at $0.99 last two weeks. A bullish momentum was triggered with the formation of bullish engulfing candle. The price reached the resistance level of $1.02. The price is currently ranging within the resistance level of $1.02 and $ support level of $1.01. There is tendency for the price to increase beyond the resistance level of $1.02.

EURUSD has broken the 9 period EMA and 21 period EMA upside. Bulls are trying to break up the $1.02 resistance level, which indicate an increase in the bulls’ momentum. Should the Bears penetrate the support level of $1.01 and daily candle close below it, then, the price may embark on bearish trend towards the $1.00 and $0.99 support levels. Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The bulls are gathering momentum to dominate EURUSD market fully. The price action formed an inverted head and shoulder chart pattern. The price may increase this week and the resistance levels of $1.01 may be broken upside. The price is currently ranging within $1.02 and $1.01 levels.

The fast moving EMA is slowly crossing the slow moving EMA upside. The price is trading above the fast and slow moving EMAs. The Relative Strength Index period 14 is at 60 levels with the signal lines pointing up to indicate a buy signal.

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