EURUSD Price: Short Double Bottom Chart Pattern Emerges, Commencement of Bullish Trend

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Buyers’ pressure may increase in EURUSD market

EURUSD Price Analysis – October 17

When the bulls’ pressure push up EURUSD to break up the resistance level of $0.98, price may increase to resistance levels of $0.99 and $1.00. In case the sellers push down the price below the support level of $0.97, the price may decrease to test the support level of $0.96 which may extend to $0.95 levels.

EUR/USD Market

Key Levels:

Resistance levels: $0.98, $0.99, $1.00

Support levels: $0.97, $0.96, $0.95

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long term outlook. The currency pair was under the sellers’ pressure last week. The resistance level of $0.99 rejected the price when it was increasing two weeks ago. On October 05, daily bearish candle formed and the currency pair decline to retest the previous low at $0.97 level. The currency pair is trying to form a “W” chart pattern which is a bullish signal.

The bears’ pressure is getting reduced gradually and the price is trying to break up the two EMAs which is a signal to trader that bullish trend may commence. When the bulls’ pressure push up price to break up the resistance level of $0.98, price may increase to resistance levels of $0.99 and $1.00. In case the sellers push down the price below the support level of $0.97, the price may decrease to test the support level of $0.96 which may extend to $0.95 levels. The Relative Strength Index period 14 is at 47 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 bullish chart pattern called “W” is coming up in the 4-hour time frame.  EURUSD bounced off the support level of $0.96 and broke up $0.97 level heading towards the resistance level of $0.99.

The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of bullish momentum in the market. Relative Strength Index period 14 is pointing up at 57 levels which indicate buy signal.

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