EURUSD Price Commences a Bullish Movement, ready to Break Up $1.02 Level

EURUSD Price Analysis – July 25

Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06. Should the Bears penetrate the support level of $1.01 and daily candle closes below it, then, the price may embark on bearish trend towards the $1.00 and $0.99 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.02, $1.04, $1.06

Support levels: $1.01, $1.00, $0.99

EURUSD Long-term Trend: Bullish

On the long term outlook, EURUSD is bullish. Two weeks ago, the price decline to the low of support level at $0.99. A bullish engulfing candle formed at the mentioned level, this indicate that bulls are dominating the EURUSD market. The former resistance levels of $1.00 and $1.01 have turn to support levels. Further price increase envisaged.

EURUSD has penetrate the 9 period EMA upside, but trying to break up the 21 periods EMA which indicate an increase in the bulls’ momentum. Ability to break up $1.02 resistance level by the bulls may increase the price to resistance levels at $1.04 and $1.06. Should the Bears penetrate the support level of $1.01 and daily candle closes below it, then, the price may embark on bearish trend towards the $1.00 and $0.99 support levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The price action is trying to form an inverted head and shoulder chart pattern. The bulls are gathering momentum to dominate EURUSD market fully. The price started increasing last week and the support levels of $1.01 and $1.02 are broken upside. The price is currently ranging within $1.02 and $1.01 levels.

The fast moving EMA is slowly crossing the slow moving EMA upside. The price is trading above the fast and slow moving EMAs. The Relative Strength Index period 14 is at 57 levels with the signal lines pointing up to indicate a buy signal.

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