EURUSD Price May Embark on Bullish Trend

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Buyers’ pressure may increase in EURUSD market

EURUSD Price Analysis – October 24

The breaking up of the resistance level of $0.98 by the bulls may propel the EURUSD towards the resistance levels of $0.98, $0.99 and $1.00. When the bears’ pressure push down price below the support level of $0.97, then, $0.96 and $0.95 levels may be reached.

EUR/USD Market

Key Levels:

Resistance levels: $0.98, $0.99, $1.00

Support levels: $0.97, $0.96, $0.95

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. Two weeks ago, the currency pair was under the sellers’ control. The support level of $0.96 was tested on October 13. A Strong daily bullish candle formed at the just mentioned level. The price of EUR increased and broke up the resistance level of $0.96 and $0.97. Today, the price pulled back as a daily bearish candle opens the market.

It seems the sellers’ pressure is getting reduced and the price is broken up the two EMAs which is a signal to trader that bullish trend has commenced. The breaking up of the resistance level of $0.98 by the bulls may propel the price towards the resistance levels of $0.98, $0.99 and $1.00. When the bears’ pressure push down price below the support level of $0.97, then, $0.96 and $0.95 levels may be reached.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The price action is in formation of a short “W” bullish chart pattern on 4-hour time frame. EURUSD may soar towards the north after the pullback that is ongoing in the market.

The price is trading between 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 55 levels to indicate sell signal which may be a pullback.

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