EURUSD Price Is Gathering Momentum to Soar Towards $1.14 level

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EURUSD Price Analysis – March 14

Should Bulls penetrate the resistance level of $1.09 and daily candle closes above it, then, the price may embark on bullish trend towards the $1.11 and $1.14 resistance levels. On the other hand, inability to break up $1.09 by the bulls may result to consolidation or price decrease towards $1.07, $1.06 and $1.05 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.11, $1.14

Support levels: $1.07, $1.06, $1.05

EURUSD Long-term Trend: Bearish

On the long term outlook, EURUSD is bearish. The bears’ pressure has pushed the EURUSD to the low of $1.07 support level on March 07. Last week, it looks like bears’ pressure is failing and the bulls wanted to take over the market as the bullish engulfing candle formed. The price increased toward the resistance level of $1.11. It pulled back to retest the support level of $1.09. Today, the buyers are gaining more momentum and the price may increase towards $1.14 level.

EURUSD is trying to penetrate the two EMA upside, the price is trading below the 21 periods EMA and 9 periods EMA at close contact which indicate weak bearish pressure. Should Bulls penetrate the resistance level of $1.09 and daily candle closes above it, then, the price may embark on bullish trend towards the $1.11 and $1.14 resistance levels. On the other hand, inability to break up $1.09 by the bulls may result to consolidation or price decrease towards $1.07, $1.06 and $1.05 support levels.

 EURUSD medium-term Trend: Bearish

EURUSD is bearish on the medium-term outlook. The bears are getting tired as the bearish momentum is becoming weak. It seems the price action wanted to form a short “W” chart pattern. The price is increasing trying to penetrate the $1.09 level upside.

The fast moving EMA is below the slow moving EMA and the price is trading above the fast moving EMAs. The Relative Strength Index period 14 is at 53 levels with the signal lines pointing up to indicate a buy signal.

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