EURUSD Price Is Trying to Break Up $1.00 Resistance Level

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Buyers’ pressure may increase further in EURUSD market

EURUSD Price Analysis – November 07

In case the daily candle close above the resistance level of $1.00, bulls may propel the EURUSD to the resistance levels of $1.01, which may extend to $1.02. When the bears oppose bulls at $1.00 level, price may reduce to the support level of $0.99, $0.98 and $0.97 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.00, $1.01, $1.02

Support levels: $0.99, $0.98, $0.97

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. After the formation of bullish chart pattern called short “W” the price increased as predicted and the resistance level of $1.01 is tested on October 25. The price pulled back to retest the support level of $0.97. The Non-Farm Pay Roll news on November 04 spun the bulls in to action. A strong daily bullish candle was produced and the price increased to $0.99 level. Today, the just mentioned level is broken upside to test $1.00 level.

Buyers dominate the market today. In case the daily candle close above the resistance level of $1.00, bulls may propel the price to the resistance levels of $1.01, which may extend to $1.02. When the bears oppose bulls at $1.00 level, price may reduce to the support level of $0.99, $0.98 and $0.97 levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The buyers’ pressure increases and the price soars towards north when the bearish momentum is rejected at the support level of $0.97. Bullish momentum is increasing and the resistance level of $0.99 is broken upside with the price facing the resistance level of $1.00.

The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of bullish momentum in the market. Relative Strength Index period 14 is pointing down at 67 levels to indicate buy 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.