EURUSD Price Retests Resistance Level of $1.04

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Sellers’ pressure may increase in the EURUSD market

EURUSD Price Analysis – 28 November

In case the daily candle close above the resistance level of $1.04, bulls may propel the price to the resistance level of $1.06, which may extend to $1.07. When the bears oppose bulls at the $1.04 level, EURUSD may decrease to the support level of $1.03, $1.02, and $1.01 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.04, $1.06, $1.07

Support levels: $1.03, $1.02, $1.01

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. The currency pair commenced a bullish trend on the daily time frame when the price action formed a short “W” chart pattern at the support level of $0.96. Buyers gained more momentum and the price soars towards the north side. The former resistance levels of $1.01, and $1.03 was broken upside. The resistance level of $1.04 is tested. The price is currently pulling back to retest the support level of $1.0.

Buyers are dominating the EURUSD market. The price is trading above the 9-periods and 21-periods EMA as an indication that buyers are in control of the market. In case the daily candle close above the resistance level of $1.04, bulls may propel the price to the resistance level of $1.06, which may extend to $1.07. When the bears oppose bulls at the $1.04 level, the price may decrease to the support level of $1.03, $1.02, and $1.01 levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair was bullish last week, with the price increasing to the resistance level of $1.0 on 15 November. It pulled back and retest the support level of $1.03. Buyers defend the just mentioned level and the price increases to the previous high. Today, the price tested the resistance level of $1.04.

The price is trading above the 9-periods EMA and 21-periods EMA, the two EMAs are close to each other. Relative Strength Index period 14 is pointing down at 51 levels to indicate sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.