EURUSD Price May Move Higher as Commodities Rise

EURUSD Price Analysis – March 21

Inability to break up $1.11 resistance level by the bulls may result to consolidation or price decrease towards $1.09, $1.07 and $1.06 support levels Should Bulls penetrate the resistance level of $1.11 and daily candle closes above it, then, the price may embark on bullish trend towards the $1.14 and $1.16 resistance levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.11, $1.14, $1.16

Support levels: $1.09, $1.07, $1.06

EURUSD Long-term Trend: Bullish

On the long term outlook, EURUSD is bullish. The price action on the daily chart has formed a short “W” chart pattern; this is a bullish reversal chart pattern. The pattern comes up after the bears’ pressure pushed the EURUSD to the low of $1.07 support level on March 07. The price is increasing gradually towards the resistance level of $1.11 level. Bulls may dominate the market soon.

EURUSD has penetrate the 9 period EMA upside, but trading below the 21 periods EMA which indicate an increase in the bulls’ momentum. Inability to break up $1.11 resistance level by the bulls may result to consolidation or price decrease towards $1.09, $1.07 and $1.06 support levels Should Bulls penetrate the resistance level of $1.11 and daily candle closes above it, then, the price may embark on bullish trend towards the $1.14 and $1.16 resistance levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The bulls are getting ready to take over EURUSD market fully. The price started increasing last week and the resistance level of $1.11 was tested. It pulled back to test the dynamic support levels. The bulls are currently increasing their pressure to break up barrier at $1.11 level.

The fast moving EMA is above the slow moving EMA and the price is trading above the fast and slow moving EMAs. The Relative Strength Index period 14 is at 55 levels with the signal lines pointing up to indicate a buy signal.