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EUR/USD

EURUSD Price Is Consolidating Around $1.06 Resistance Level

Azeez Mustapha
Updated 1 min read
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Low bullish momentum in EURUSD market

EURUSD Price Analysis – 26 December

The resistance levels of $1.06 may be broken, and the price may then go on to those of $1.07 and $1.08. If the Bulls are unable to overcome the $1.06 resistance level, EURUSD may drop to the $1.04, $1.03, and $1.02 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.04, $1.03, $1.02

EURUSD Long-term Trend: Bullish

EURUSD is bullish in the long term. The bullish chart pattern called double bottom, which appeared a few weeks ago at the $0.96 support level, fueled the bulls’ ascent of the price to the $1.07 resistance level. Former resistance levels of $1.02, $1.03, and $1.04 were converted to support levels after being broken upward by the positive momentum. On December 15, the $1.07 resistance level was tested, and the price is currently declining.

As a sign that buyers are in charge of the market and are continuing to build momentum in the EURUSD market, the price is trading above the 9-period and 21-period EMAs. The resistance levels of $1.06 may be broken, and the price may then go on to those of $1.07 and $1.08. If the Bulls are unable to overcome the $1.06 resistance level, the price may drop to the $1.04, $1.03, and $1.02 support levels.

EURUSD medium-term Trend: Bullish

In the medium term, EURUSD is bullish. It appears that the bullish and bearish momentum in the EURUSD market was low last week. The resistance level of $1.06 was the point at which the currency pair was trading slowly. The previously mentioned level was broken up by additional bullish pressure, and the $1.07 resistance level was tested. The price is currently stabilizing at $1.06 after bouncing off the $1.07 resistance level.

The price is trading around the 9-periods EMA and 21-periods EMA, the two EMAs are interlocked to each other. The Relative Strength Index period 14 is pointing up at 53 levels to indicate buy signal.

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