EURUSD Price: Would There Be a Breakup at $1.03 Level?

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 14 November 2022

Buyers’ pressure may increase further in EURUSD market

EURUSD Price Analysis – 14 November

In case the daily candle close above the resistance level of $1.03, bulls may propel the EURUSD to the resistance level of $1.04, which may extend to $1.05. When the bears oppose bulls at the $1.03 level, the price may reduce to the support level of $1.02, $1.01, and $1.00 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.03, $1.04, $1.05

Support levels: $1.02, $1.01, $1.00

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. The currency found support at the $0.95 level on 27 September. Bears were unable to push down the pair below the level. An increase in the bulls’ momentum is noticed with the formation of more bullish candles. The price increases by breaking up the resistance level of $1.00, $1.01, and $1.02 levels. Today, the price is testing the resistance level of $1.03.

Buyers are dominating the EURUSD market. The price is already 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 $1.03, bulls may propel the price to the resistance level of $1.04, which may extend to $1.05. When the bears oppose bulls at the $1.03 level, the price may reduce to the support level of $1.02, $1.01, and $1.00 levels.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency bounced up from the support level of $0.97. The price is under the pressure of the bulls. Buyers’ pressure increases and the price soars towards the resistance level of $1.036 after it breaks up the resistance level of $1.01 and $1.02 levels.

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 70 levels to indicate a buy signal.

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