EURUSD Price Pulls Back at $1.01 Level

Buyers’ pressure may increase after pullback in EURUSD market

EURUSD Price Analysis – October 31

The breaking up of the resistance level of $0.99 by the bulls may propel EURUSD above the resistance levels of $0.99, which may extend to$1.00 and $1.01. When the bears’ pressure push down price below the support level of $0.98, then, $0.97 and $0.96 levels may be tested.

EUR/USD Market

Key Levels:

Resistance levels: $0.99, $1.00, $1.01

Support levels: $0.98, $0.97, $0.96

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. A bullish chart pattern called short “W” is formed on the daily time frame. This is what initiate the bullish movement in the EURUSD market last week. The price bounced up from the support level of $0.97 and increased to break up the resistance level of $0.99 and $1.00. The resistance level of $1.01 is tested. The price is pulling back at the moment trying to retest the support level of $0.99.

It seems the buyers’ pressure is getting reduced and the price is pulling back. Buyers may dominate the market after the pullback. The breaking up of the resistance level of $0.99 by the bulls may propel the price above the resistance levels of $0.99, which may extend to$1.00 and $1.01. When the bears’ pressure push down price below the support level of $0.98, then, $0.97 and $0.96 levels may be tested.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. The bullish momentum is rejected at the resistance of $1.01 level. Bearish momentum is increased and the support level of $0.99 is broken downside with the price facing the support level of $0.98.

The price is trading below the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of bearish momentum in the market. Relative Strength Index period 14 is pointing down at 47 levels to indicate sell signal.

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