EURUSD Price Pulls Back to Retest $1.08 Level, Bullish Trend May Continue

Buyers are dominating EURUSD market

EURUSD Price Analysis – 26 June

The price may increase substantially more toward the $1.10 and $1.11 barrier levels if buyers are successful in breaking through the $1.09 resistance level. The price may move in the direction of the $1.08, $1.07, and $1.06 support levels if sellers are successful in holding the $1.09 resistance level.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.10, $1.11

Support levels: $1.08, $1.07, $1.06

 EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. The bears have been in control ever since the currency pair encountered resistance on May 3 at $1.11. Price reversed off the predicted level, and multiple bearish candles appeared. The price broke through previous support levels at $1.09 and $1.08.  The $1.06 barrier was challenged before it was crossed at $1.07. EURUSD is currently moving back towards the north. The upward break of the $1.09 resistance level is an attempt to breach the $1.10 level.

The fact that EURUSD is currently trading above the EMAs shows that the bulls are making progress. The price may increase substantially more toward the $1.10 and $1.11 barrier levels if buyers are successful in breaking through the $1.09 resistance level. The price may move in the direction of the $1.08, $1.07, and $1.06 support levels if sellers are successful in holding the $1.09 resistance level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the medium-term outlook. The merchants’ enthusiasm has increased over the previous three weeks. Bears have controlled the EURUSD market. The bulls’ failure to break through the $1.08 resistance level causes the price to fall. There was a danger that the $1.07 level might drop to the $1.06 level. The $1.06 support level was held by bulls, and the price is climbing.

A positive trend is shown by the price’s position above the two moving averages. The signal lines for the Relative Strength Index period 14 are rising and displaying a buy signal at levels 56.

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