EURUSD Price: Buyers Are Gathering Momentum to Dominate

EURUSD Price Analysis – September 19

When the bulls’ momentum break up the resistance level of $1.00, the price may reach resistance levels of $1.01 and $1.02. In case the sellers push down the price below the support level of $0.99, the price may decrease to test the support level of $0.98 which may extend to $0.97 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.00, $1.01, $1.02

Support levels: $0.99, $0.98, $0.97

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. Sellers pushed the price to the low of $0.98 support level. The price commenced a ranging movement for many days within $1.00 and $0.98 levels. Price tested the resistance level of $1.01 on September 13 and pulled back to retest the support level of $0.99. Today, Buyers are trying to dominate the market but the momentum of bulls and bears is low due to the all day holiday in Bank of England.

The bulls’ pressure has penetrated the two EMA upside. EURUSD is trading above the 9 periods EMA and the 21 periods EMA. When the bulls’ momentum break up the resistance level of $1.00, the price may reach resistance levels of $1.01 and $1.02. In case the sellers push down the price below the support level of $0.99, the price may decrease to test the support level of $0.98 which may extend to $0.97 level. The Relative Strength Index period 14 is at 47 levels with the signal line pointing up to indicate a buy signal.

EURUSD medium-term Trend: Ranging

EURUSD is ranging in the medium-term outlook. The sellers could not break down the support level of $0.99 which 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. Bullish engulfing candle formed and the price broke up the dynamic resistance levels.  Last week, the resistance level of $1.01 was tested. Sellers’ pressure return the price to $0.99 level where it is currently consolidating.

The price is trading around the 9 periods EMA and 21 periods EMA, the two EMAs are not separated from each other as a sign of weak volatility in the market. The Relative Strength Index period 14 is pointing up at 50 levels indicating buy signal.