EURUSD Price Analysis – October 07
In case another bearish candle emerges to penetrate the demand level of $1.09 and close below the level, the price may decline and find support at the demand level of $1.08. Further increase in the bulls’ momentum will penetrate the resistance level of $1.10 to target a $1.11 price level.
Resistance levels: $1.10, $1.11, $1.12
Support levels: $1.09, $1.08, $1.07
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long term outlook. The bearish momentum of EURUSD placed the price at the demand level of $1.08 last week. The demand level of $1.08 holds. The Bulls gained more pressure with the formation of the big daily bullish candle. The price reversed, moved up towards the dynamic resistance level of 21 periods EMA after broken up the $1.09 price level. Today, a further increase in price was resisted at the dynamic resistance level of 21 periods EMA and this led to the formation of a daily bearish candle.
The currency pair is directly in touch with the 21 periods EMA which indicates that the Bulls dominated last week’s EURUSD market. In case another bearish candle emerges to penetrate the demand level of $1.09 and close below the level, the price may decline and find support at the demand level of $1.08. Further increase in the bulls’ momentum will penetrate the resistance level of $1.10 to target a $1.11 price level.
The Stochastic Oscillator period 14 is above 40 levels with the signal lines pointing up which indicates buy signal and a further increase in the price of EURUSD.
EURUSD medium-term Trend: Ranging
EURUSD is ranging on the medium-term outlook. EURUSD is on the bullish movement on the 4-hour chart as the price has crossed the two EMAs upside. The former resistance level of $1.09 is already broken upside by the bulls and the price exposed to the resistance level of $1.10.
The price is currently moving in sideways above the 21 periods EMA and 50 periods EMA in which the former has crossed the later to indicate bullish movement. The stochastic oscillator period 14 is below 60 levels with the signal lines pointing down to indicate a sell signal.
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