EURUSD Price May Break Up $1.06 Level

Buyers may prevail over sellers in the EURUSD market

EURUSD Price Analysis –23 October

The price may drop considerably lower toward the $1.03 and $1.02 barrier levels if sellers are able to breach the $1.04 support level. The price may move higher in the direction of the $1.07 and $1.08 resistance levels if buyers are able to hold the price over the $1.06 barrier level.

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

In the long run, the EURUSD picture is bleak. There is a ranging movement in the EURUSD market, as sellers and buyers are vying with one another to stop further declines. On September 27, the currency pair tested the $1.04 support level. It rose and tested $1.06 again last week. The bull’s light was extinguished. As long as bears continued to exert pressure, the bearish momentum would continue. It is less expensive than the $1.06 that it was previously. Right now, there’s going to be a bullish reversal in the price.

The currency pair are currently trading above the 9-period and 21-period exponential moving averages. Indicating that the bulls are gaining momentum. The two EMAs are below the EURUSD. The price may drop considerably lower toward the $1.03 and $1.02 barrier levels if sellers are able to breach the $1.04 support level. The price may move higher in the direction of the $1.07 and $1.08 resistance levels if buyers are able to hold the price over the $1.06 barrier level.

EURUSD medium-term Trend: Bullish

For the medium run, the EURUSD outlook is favorable. For almost three weeks, there has been bearish pressure on the currency pair. The buying accelerated as soon as the $1.04 support level was put to the test. Large bullish candles have formed several times as the price is rising toward $1.06 now.  The price may soon begin to rise once more.

The beginning of an upward trend is indicated by the price position that is above the 9- and 21-period moving averages. The period 14 signal lines of the Relative Strength Index are inclining and displaying a buy signal at level 61.

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