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Bullish momentum may increase in EURUSD market
EURUSD Price Analysis – 06 March
In case Bulls are able to break above the $1.07 resistance level, the price may rise to the $1.09, and $1.10 resistance levels. If sellers exert more pressure, EURUSD may move past the $1.06 support level and hit the $1.04 and $1.03 levels.
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: Bearish
EURUSD is bearish on the Long-term outlook. The bullish momentum that commenced last year in November has placed the currency pair at a $1.10 resistance level on 02 February. It seems the barrier at $1.10 is stronger than the bulls’ strength. The price pulled back and broke down the support level of $1.07, and the $1.06 level experienced a fake breakout. At the moment, the price is increasing gradually, meaning that, buyers are gaining more strength.
Buyers are gradually taken over the EURUSD market as it is currently trading above both the 9- and 21-period EMAs. As the price of the EURUSD inclines above the two EMAs, buyers are in control of the market and are picking up steam. In case Bulls are able to break above the $1.07 resistance level, the price may rise to the $1.09, $1.10 resistance levels. If sellers exert more pressure, the price may move past the $1.06 support level and hit the $1.04 and $1.03 levels.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. Last week, the currency pair was under the sellers’ momentum. The price was falling from the resistance level of $1.10. The support level of $1.06 was tested. At the moment, it seems the bulls are returning to the market with increased momentum. Buyers may dominate the market this week.
The price is now increasing and is currently looking for the $1.07 resistance level. The Relative Strength Index for period 14 is pointing up at 62 levels and is indicating a buy signal. The 9- and 21-period exponential moving averages of the EURUSD are being traded above (EMAs).
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