EURUSD Price May Test $1.09 Resistance Level Before It Reverses

Bullish momentum increases in EURUSD market

EURUSD Price Analysis – 16 January

Should Bulls be unable to break through the $1.09 resistance level, the price may fall to the $1.07, $1.06, and $1.05 support levels. In case purchasers exert more pressure, EURUSD may break through the $1.09 resistance level, it can then increase to the $1.10 and $1.11 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

The long-term forecast for EURUSD is positive. Price is continuing following the cues from the bullish double-bottom chart pattern that was produced a few weeks ago. With strong momentum, the price rose toward the $1.09 barrier level, breaking over the previous resistance levels of $1.05, $1.06, and $1.07, which are now supports. Further price increases are envisaged if purchasers maintain or increase their momentum. The market is currently dominated by buyers, and the price may break above the $1.09 level upside.

EURUSD is trading above the 9-period and 21-period EMAs as a confirmation that Buyers are in control of the EURUSD market. 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. Should Bulls are unable to break through the $1.09 resistance level, the price may fall to the $1.07, $1.06, and $1.05 support levels. In case purchasers exert more pressure, the price may break through the $1.09 resistance level, it can then increase to the $1.10 and $1.11 levels.

 

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The support level of $1.04 was tested three weeks ago after the short consolidation period in the EURUSD market. Buyers defended the just mentioned level with the formation of a strong bullish engulfing candle. The price propelled toward the resistance level of $1.09.

The price is trading above the 9- and 21-period exponential moving averages (EMAs). The Relative Strength Index period 14 is pointing down at 57 levels signaling a sell.

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