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.
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