EURUSD Price Analysis – October 15
Further increase in the Bulls’ momentum will increase the EIURUSD price which may reach the resistance level of $1.11 – $1.12. In case the support level of $1.10 does not hold, the price may retrace further down to the demand level of $1.09.
Resistance levels: $1.11, $1.12, $1.13
Support levels: $1.10, $1.09, $1.08
EURUSD Long-term Trend: Bullish
EURUSD is bullish on the long term outlook. The currency pair was bearish last two weeks and the price was at the demand level of $1.09. The two dynamic resistance levels were penetrated upside with the aid of the increased Bulls’ momentum. The bullish momentum was extended towards the resistance level of $1.10 which was penetrated upside. Today, the price carried out price retracement towards the broken level of $1.10.
EURUSD price has broken up the 21 periods EMA and 50 periods EMA but the candle did not close above the levels which indicate that the Bulls are in control of the EURUSD market last week. Further increase in the Bulls’ momentum will increase the EIURUSD price which may reach the resistance level of $1.11 – $1.12. In case the support level of $1.10 does not hold, the price may retrace further down to the demand level of $1.09.
The Stochastic Oscillator period 14 is at 80 levels with the signal lines trying to cross each other downside which indicates sell signal and this may be a pullback.
EURUSD medium-term Trend: Ranging
EURUSD continues ranging in the medium-term outlook. The Bulls increased their momentum last week and the Resistance level of $1.10 was broken up, the price moved towards the $1.11 before an evening star candle pattern formed and the price dropped to the $1.10 price level. Today, the price consolidates at the demand level of $1.10.
The price is above the 21 periods EMA and 50 periods EMA. The stochastic oscillator period 14 is at 40 levels with the signal lines pointing down to indicate a sell signal.
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