EURUSD Price: Will There Be a Bearish Reversal at $1.09 Resistance Level?

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Bullish momentum decreases in EURUSD market

EURUSD Price Analysis – 30 January

In case Bulls are unable to pass through the $1.09 resistance level, the price may fall to the $1.07, $1.06, and $1.05 support levels. If buyers exert more pressure, EURUSD can surge past the $1.09 resistance level and go to the $1.10 and $1.11 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.09, $1.10, $1.11

Support levels: $1.07, $1.06, $1.05

EURUSD Long-term Trend: Bullish

On the Long-term outlook, EURUSD is bullish. There was no significant movement in EURUSD market last week. Price continues to move in the direction suggested by the recent bullish double-bottom chart pattern. Strong upward momentum propelled the price past the $1.05, $1.06, and $1.07 resistance levels, which are now supports, and into the $1.09 barrier level. The market is now being controlled by buyers, therefore a price breakout above $1.09 is feasible provided bulls exert more pressure.

Buyers are in control of the EURUSD market as evidenced by the fact that the EURUSD is trading above both the 9- and 21-period EMAs. Buyers are in charge of the market and are gaining momentum as the price of the EURUSD trades above the two EMAs. In case Bulls are unable to pass through the $1.09 resistance level, the price may fall to the $1.07, $1.06, and $1.05 support levels. If buyers exert more pressure, the price can surge past the $1.09 resistance level and go to the $1.10 and $1.11 levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The $1.04 support level was recently tested in the EURUSD market after a brief period of consolidation. A strong bullish engulfing candle that formed enabled purchasers to successfully defend the level that had been earlier highlighted. The price skyrocketed near the $1.09 ceiling. It seems the resistance at the $1.09 level is stronger than the bullish momentum, the price is retracing toward $1.07 at the moment.

EURUSD is trading below the 9- and 21-period exponential moving averages (EMAs). The Relative Strength Index period 14 is pointing down at 42 levels signaling a sell.

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