EURUSD Price Is Testing a Potential Bearish Reversal Level

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



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.

You can purchase crypto coins here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.