EURUSD Price: Will There Be a Breakout at $1.06 Level?

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Low bearish and bullish momentum in EURUSD market

EURUSD Price Analysis – 12 December

The price may reach the resistance levels of $1.07 and $1.08 provided $1.06 level does not hold. Failure to break up the $1.06 resistance level by the Bulls may reduce the price to $1.04, $1.03, and $1.02 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.04, $1.03, $1.02

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. The currency pair does not manifest a significant bullish movement last week. The price increased and tested the resistance level of $1.06 on 05 December, it pulled back to retest the dynamic support levels. Bulls resumed the market on 07 December and it increases gradually to the previous high at the $1.06 resistance level.  Today, sellers dominate the market, and the price decreases accordingly.

Buyers are maintaining their momentum in 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. EURUSD may reach the resistance levels of $1.07 and $1.08 provided the $1.06 level does not hold. Failure to break up the $1.06 resistance level by the Bulls may reduce the EURUSD price to $1.04, $1.03, and $1.02 support levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. It seems there is a low bullish and bearish momentum in the EURUSD market. Throughout last week, the currency pair was trading within the resistance level of $1.06 and support level of $1.04. An increase in the bulls’ pressure may break up the $1.05 level.

The price is trading around the 9-periods EMA and 21-periods EMA, the two EMAs are interlocked to each other. Relative Strength Index period 14 is pointing down at 48 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.