EURUSD Price May Continue a Bullish Trend After Retesting $1.07 Level

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Bulls are dominating EURUSD market

EURUSD Price Analysis – 27 March

Bulls may be able to push the price up above the $1.10 and $1.11 resistance levels if they are successful in breaking through the $1.09 barrier level. The $1.06 and $1.04 levels may be reached if sellers apply further pressure and push the price past the $1.07 support level.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.10, $1.11

Support levels: $1.07, $1.06, $1.04

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the Long-term outlook. Sellers regained control of the currency pair three weeks ago. The bearish momentum started when $1.10 was held as resistance. Prices declined as a result of additional bearish pressure. Former support levels of $1.09 and $1.07 are now resistance levels. It was decided to test the $1.04 support level. Following the most recent non-farm payroll report, the USD strength declined, which led to more EUR strength. The EURUSD is now gaining and trying to break through the $1.09 barrier level.

Since the EURUSD market is currently trading above both the 9- and 21-period EMAs, buyers are in control of the market. Buyers are seizing control of the market and are becoming more powerful as the price of the EURUSD rises above the two EMAs. Bulls may be able to push the price up above the $1.10 and $1.11 resistance levels if they are successful in breaking through the $1.09 barrier level. The $1.06 and $1.04 levels may be reached if sellers apply further pressure and push the price past the $1.07 support level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair was seeing strong seller momentum prior to a few weeks. The price began to decline as it hit the $1.04 support level. The $1.06 support level is currently a resistance level. Right now, it appears that the bulls are reentering the market with greater vigor. This week, buyers might rule the market.

Price is currently pulling back to retest the $1.07 support mark. The period 14 relative strength index, which is going up at level 54 is providing a buy signal. The EURUSD is currently trading slightly above the 9-period exponential moving average indicating a buy signal.

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