High bullish momentum in EURUSD market
EURUSD Price Analysis – 09 January
In case purchasers exert more pressure, EURUSD may break through the $1.07 resistance level, it can then increase to the $1.09 and $1.10 levels. Should the Bulls are unable to break through the $1.07 resistance level, the price may fall to the $1.06, $1.05, and $1.04 support levels.
EUR/USD Market
Key Levels:
Resistance levels: $1.09, $1.10, $1.11
Support levels: $1.07, $1.06, $1.05
EURUSD Long-term Trend: Bullish
Bullish long-term outlook for EURUSD. The price is still obeying the command from the double-bottom bullish chart pattern formed a few weeks ago. The price increased to the $1.07 resistance level with positive momentum, the prior resistance levels of $1.05, $1.06, and $1.07 were broken higher and now supports. On December 30th, the $1.07 resistance level was tested for the second time. Last week, it pulled back to retest the $1.06 level. Today, buyers dominate the market and the price is trying to penetrate the #1.07 upside.
Buyers are in control of the market and are gaining momentum in the EURUSD market as the price is trading above the 9-period and 21-period EMAs. In case purchasers exert more pressure, the price may break through the $1.07 resistance level, it can then increase to the $1.09 and $1.10 levels. Should the Bulls are unable to break through the $1.07 resistance level, the price may fall to the $1.06, $1.05, and $1.04 support levels.
EURUSD medium-term Trend: Bullish
EURUSD has a bullish medium-term outlook. After the short consolidation period in the EURUSD market two weeks ago. The price pulled back and the support level of $1.04 was tested. The buyers defended the mentioned level and it bounces upside. $1.06 and $1.07 levels were broken upside. At the moment, EURUSD is targeting $1.09 level.
The price is trading above the 9- and 21-period exponential moving averages (EMAs). Period 14 of the Relative Strength Index is pointing up at 69 levels, signaling a buy.
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