EURUSD Price Is Testing a Potential Bearish Reversal Level

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Sellers’ pressure may increase in the EURUSD market soon

EURUSD Price Analysis – 05 December

Bulls may propel the price to the resistance level of $1.07, which may extend to $1.08, in case the daily candle closes above the resistance level of $1.06. When the bears oppose bulls at the $1.06 level, the price may decrease to the support level of $1.03, $1.02, and $1.01 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 on the long-term outlook. On 04 November, a strong bullish engulfing candle formed at the support level of $0.97; this scenario triggered a bullish movement. The currency pair commenced a bullish trend and it has broken the resistance level of $1.02, $1.03, and $1.04 upside. Today, the price tested the resistance level of $1.06 and it is currently pulling back.

Buyers are dominating the EURUSD market. The price is trading above the 9-periods and 21-periods EMA as an indication that buyers are in control of the market. Bulls may propel the price to the resistance level of $1.07, which may extend to $1.08, in case the daily candle closes above the resistance level of $1.06. When the bears oppose bulls at the $1.06 level, the price may decrease to the support level of $1.03, $1.02, and $1.01 levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair has been on a bullish trend since the price tested the support level of $1.02. The price consolidates around the $1.04 level. The buyers gained more momentum and the price tested the resistance level of $1.06. It is pulling back at the moment testing the support level of $1.04.

The price is trading above the 9-periods EMA and 21-periods EMA, the two EMAs are separated from each other. Relative Strength Index period 14 is pointing down at 52 levels to indicate a sell signal.

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