EURUSD Price: Can Buyers’ Pressure Break Up $1.09 Resistance Level?

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Bullish momentum increases in EURUSD market

EURUSD Price Analysis – 23 January

The price may drop to the $1.07, $1.06, and $1.05 support levels if Bulls are unable to overcome the $1.09 resistance level. EURUSD may surpass the $1.09 resistance level if buyers apply more pressure, after which it may rise to the $1.10 and $1.11 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.10, $1.11

Support levels: $1.07, $1.06, $1.05

EURUSD Long-term Trend: Bullish

On the Long-term outlook, EURUSD is bullish. Price is still moving in the direction indicated by the bullish double-bottom chart pattern that formed a few weeks ago. Strong upward momentum carried the price past the former resistance levels of $1.05, $1.06, and $1.07, which are now supports, and approaching the $1.09 barrier level. Because buyers presently control the market, a price breakout above $1.09 is possible.

The fact that the EURUSD is trading above both the 9- and 21-period EMAs indicates that Buyers are in charge of the EURUSD market. As the price of the EURUSD trades above the 9-period and 21-period EMAs, buyers are in charge of the market and are gaining momentum. The price may drop to the $1.07, $1.06, and $1.05 support levels if Bulls are unable to overcome the $1.09 resistance level. The price may surpass the $1.09 resistance level if buyers apply more pressure, after which it may rise to the $1.10 and $1.11 levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. After a brief period of consolidation in the EURUSD market, the $1.04 support level was tested three weeks ago. With the formation of a powerful bullish engulfing candle, buyers successfully protected the previously indicated level. The price surged toward the $1.09 barrier level.

EURUSD is trading above the 9- and 21-period exponential moving averages (EMAs). The Relative Strength Index period 14 is pointing up at 66 levels signaling a buy.

You can purchase crypto coins here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.