EURUSD Price Is Bouncing Off $1.07 Resistance Level

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Low bullish momentum in EURUSD market

EURUSD Price Analysis – 02 January

When the price breaks through the $1.07 resistance level, it can then go on to the $1.08 and $1.09 levels. EURUSD may fall to the $1.06, $1.05, and $1.04 support levels if the Bulls are unable to break through the $1.07 resistance level.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.08, $1.09

Support levels: $1.06, $1.05, $1.04

EURUSD Long-term Trend: Bullish

On the long run, EURUSD is bullish. The price rose to the $1.07 resistance level, thanks to the double-bottom bullish chart pattern, which first showed a few weeks ago near the $0.96 support level. The previous resistance levels of $1.04, $1.05, and $1.06 were broken higher by the bullish momentum and now serve as supports. The $1.07 resistance level was challenged on 30 December as second-time touch.

The price is trading above the 9-period and 21-period EMAs, indicating that buyers are in control of the market and are gaining momentum in the EURUSD market. When the price breaks through the $1.07 resistance level, it can then go on to the $1.08 and $1.09 levels. The price may fall to the $1.06, $1.05, and $1.04 support levels if the Bulls are unable to break through the $1.07 resistance level.

EURUSD medium-term Trend: Bullish

EURUSD has a bullish medium-term outlook. The bullish and bearish momentum in the EURUSD market seemed to be equal last week. The point at which the currency pair was trading slowly was the $1.06 resistance level. Additional bullish pressure caused the previously high level to be tested second time. The price has bounced off the $1.07 resistance level and is now leveling off at dynamic support level.

The price is retesting the 9- and 21-period exponential moving averages (EMAs). Period 14 of the Relative Strength Index is pointing down at 50 levels, signaling a sell signal.

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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.