EURUSD Price May Break Up $1.07 Resistance Level

Bulls are dominating EURUSD market

EURUSD Price Analysis – 20 March

In case Bulls are successful in breaking through the $1.07 barrier level, EURUSD may rise to the $1.09 and $1.10 resistance levels. If sellers exert greater pressure, driving the price past the $1.06 support level, the $1.04 and $1.03 levels can be hit.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.09, $1.10

Support levels: $1.06, $1.04, $1.03

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the Long-term outlook. Three weeks ago, sellers took control of the currency pair. When $1.10 holds as resistance, the bearish momentum started. Further pressure from the bears led to a drop in pricing. $1.09 and $1.07, which were once support levels, are now resistance levels. The $1.04 support level was put to the test. When the USD weakened following the last non-farm payroll report, the EUR strengthened more. Now, the EURUSD is rising and attempting to overcome the $1.07 barrier level.

Buyers are dominating the market as the EURUSD market is currently trading above both the 9- and 21-period EMAs. As the price of the EURUSD goes above the two EMAs, buyers are taking control of the market and are gaining strength. In case Bulls are successful in breaking through the $1.07 barrier level, the price may rise to the $1.09 and $1.10 resistance levels. If sellers exert greater pressure, driving the price past the $1.06 support level, the $1.04 and $1.03 levels can be hit.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. Prior to a few weeks, the currency pair was experiencing substantial seller momentum. A resistance level of $1.10 was reached, at which point the price started to fall. The support level of $1.06 is now a resistance level. At the moment, it seems as though the bulls are returning to the market with more strength. The market may be dominated by buyers this week.

The price is now climbing and is currently smashing the $1.07 resistance level. A purchase signal is being given by the period 14 relative strength index, which is trending upward at level 62. The 9-period exponential moving average has crossed above the 21-period EMA on the upside, and the EURUSD is currently trading above it, providing a buy signal.

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