EURUSD Price: Buyers Oppose Sellers at $1.04 Support Level

Bulls are dominating EURUSD market soon

EURUSD Price Analysis – 03 April

The ability to break up $1.10 resistance level by the bulls may result in further price increases toward $1.14 and $1.16 resistance levels. Should Bears defend the resistance level of $1.10, the price may decrease towards the support levels of $1.09, $1.07 and $1.04 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.10, $1.14, $1.16

Support levels: $1.09, $1.07, $1.04

EURUSD Long-term Trend: Bullish

On the long-term outlook, EURUSD is bullish. Last two weeks, Bears dominated the EURUSD market. The currency pair was struggling to break down the support level of $1.04. On March 17, the price could not penetrate the mentioned level. It pulled back and more bullish candles were produced and the price incline to retest the resistance level of $1.09. Price may continue on a bullish trend up to the $1.10 resistance level.

EURUSD has crossed above the 9-period EMA and the 21 periods EMA upside. It is trading above the two EMAs which indicates an increase in the bulls’ momentum. Ability to break up the $1.10 resistance level by the bulls may result to further price increases toward $1.14 and $1.16 resistance levels. Should Bears defend the resistance level of $1.10, the price may decrease towards the support levels of $1.09, $1.07, and $1.06 support levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The bulls were already dominating the EURUSD market. Last week the bulls interrupted the bearish movement. The price started increasing last week when the support level of $1.04 was tested and held. The bulls are increasing their pressure to break up the barrier at the $1.09 level.

The fast-moving EMA is above the slow-moving EMA and the price is trading above the two moving EMAs. The Relative Strength Index period 14 is at 51 levels with the signal lines pointing up to indicate a buy signal.