EURUSD Price Analysis – September 09
Should the Bulls maintain or increase their momentum the price may penetrate the 21 and 50 periods EMA upside. In case the dynamic resistance level of 21 periods holds, EURUSD may start to consolidate
Resistance levels: $1.1119, $1.1185, $1.1237
Support levels: $1.1035, $1.0933, $1.0849
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. As long as the currency pair remains below the two EMAs then, it is bearish. It is over ten days the price has been falling in the daily market due to the increase in the bears’ pressure. The bearish momentum placed the price at the low $1.0849 price level. The price bounced as this is noticeable when the pin bar formed at the support level of $1.0933 and the price increased towards the former resistance level of $1.1035. Today the price broke up the level and the price increased to test the dynamic resistance level of periods EMA
The price has moved up to break the dynamic resistance level but currently testing the level. The currency pair is still trading below the 21 periods EMA and 50 periods EMA at a close range to the two EMAs which indicates that the Bulls are taking over the EURUSD market gradually. Should the Bulls maintain or increase their momentum the price may penetrate the 21 and 50 periods EMA upside. In case the dynamic resistance level of 21 periods holds, EURUSD may start to consolidate.
Meanwhile, the stochastic oscillator period 14 is above 40 levels with the signal lines pointing up to connote buy signal.
EURUSD medium-term Trend: Bullish
EURUSD is bullish on the medium-term outlook. The bulls came into the EURUSD market with full momentum on September 03, the price steadily increased towards the $1.1035 level, penetrated the level and the price rallied towards the resistance level of $1.1119, The Bears interrupted the upward movement to commenced consolidation.
The stochastic oscillator period 14 is at 50 levels pointing up to indicate a buy signal.
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