EURUSD Price May Rise in the Direction of the $1.07 Level

Buyers are prevailing over sellers in URUSD market

EURUSD Price Analysis –31 October

The price may drop considerably lower toward the $1.03 and $1.02 barrier levels if sellers can breach the $1.04 support level. The price may move higher in the direction of the $1.07 and $1.08 resistance levels if buyers can hold the price over the $1.06 barrier level.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.04, $1.03, $1.02

 EURUSD Long-term Trend: Bullish

The long-term outlook for the EURUSD is dire. On the EURUSD market, there is a range of movement as buyers and sellers compete to halt additional drops. The currency pair tested the $1.04 support level on September 27. Last week, it increased and touched $1.06 once more. The strength of the bulls vanished. The bearish momentum would persist as long as bears kept up their pressure. Compared to the previous $1.06, it is now less costly. There is going to be a bullish price turnaround right now.

Right now, the currency pair is trading above its 21- and 9-period exponential moving averages. A sign that the bulls are gathering strength. The EURUSD is above both EMAs. If sellers can break through the $1.04 support level, EURUSD may fall significantly toward the $1.03 and $1.02 barrier levels. If buyers are successful in keeping the price above the $1.06 barrier level, the price may rise in the direction of the $1.07 and $1.08 resistance levels.

EURUSD medium-term Trend: Bullish

The outlook for the EURUSD is positive in the medium term. The currency pair has been under bearish pressure for nearly three weeks. As soon as the $1.04 support level was challenged, the purchasing started to pick up speed. Large bullish candles have repeatedly formed as the price is currently moving up above $1.06.  The price can soon start to climb again.

The price position above the 9- and 21-period moving averages signals the start of an upward trend. At level 48, the Relative Strength Index’s period 14 signal lines are inclining and indicating a buy signal.

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