EURUSD Price Reverses at Support Level of $1.04, targeting $1.06 and $1.07

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EURUSD Price Analysis – June 27

In case the bulls break up the resistance level of $1.06, the price may reach resistance level of $1.07 and $1.09. Should the sellers defend the resistance level of $1.06, the price may decrease towards the support level of $1.04, and then, price may decrease to test the 1.02 level, which may extend to $1.01 level.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.09

Support levels: $1.04, $1.02, $1.01

EURUSD Long-term Trend: Bullish

EURUSD is bearish on the long term outlook. The double bottom chart pattern formed by the price action of EURUSD is an indication that bulls will dominate the market soon. The price bounced up and break up the $1.04 former resistance level. The price is trying to break up the dynamic resistance level. The price may break up $1.06 resistance level and it may expose it to $1.07 level.

EURUSD continues trading above the 9 periods EMA and the 21 periods EMA is above the price. Which indicate that price is gradually increasing. In case the bulls break up the resistance level of $1.06, the price may reach resistance level of $1.07 and $1.09. Should the sellers defend the resistance level of $1.06, the price may decrease towards the support level of $1.04, and then, price may decrease to test the 1.02 level, which may extend to $1.01 level. The Relative Strength Index period 14 is found at 49 levels with the signal line pointing up to indicate a buy signal.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair tested the support level and formed a bullish reversal pattern on 4-hour chart. The bulls are gaining strength and dominating the market. Retracement was carried out last week to the support level of $1.04. At the moment, it is increasing targeting resistance level of $1.06.

The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separating from each other as a sign of high momentum in the market. Relative Strength Index period 14 is pointing up at 58 levels which indicate a buy signal.

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