EURUSD Price: Bulls Defend $1.06 Support Level, Targeting $1.11 Level

Bulls are dominating EURUSD market

EURUSD Price Analysis – 19 June

When buyers are successful in breaking through the $1.09 resistance level, EURUSD may rise significantly more toward the $1.10 and $1.11 barrier levels. If sellers are able to hold the $1.09 resistance level, the price may move in the direction of the $1.08, $1.07, and $1.06 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.10, $1.11

Support levels: $1.08, $1.07, $1.06

 EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. Since the currency pair found resistance on May 03 at $1.11, the bears have been in charge. Off the indicated level, the price reversed, and numerous bearish candles appeared. Previous support levels at $1.09 and $1.08 were breached by the price.  The $1.07 barrier crossed the $1.06 barrier tested. Right now, the price is slipping back towards the north. The resistance level of $1.08 is broken upside trying to penetrate $1.09 level.

Currently, the EURUSD price is above both the 9 and 21-period EMAs. Its current trade above the EMAs indicates that the bulls are gaining ground. When buyers are successful in breaking through the $1.09 resistance level, the price may rise significantly more toward the $1.10 and $1.11 barrier levels. If sellers are able to hold the $1.09 resistance level, the price may move in the direction of the $1.08, $1.07, and $1.06 support levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The last three weeks have seen a rise in the merchants’ enthusiasm. The EURUSD market has been dominated by bears. The price decreases as a result of the bulls’ failure to overcome the $1.08 resistance level. The $1.07 level was threatened to penetrate lower toward the $1.06 level. Bulls protected the $1.06 support level and the price is rising at the moment.

Price is located above the two moving EMAs, indicating a bullish trend. The Relative Strength Index period 14’s signal lines are going upward to show a sell signal at level 62.

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