EURUSD Price Analysis – October 21
The pullback is inevitable in a trending market as this may be experienced in the EURUSD market. After the pullback, the bullish trend may continue and reach the resistance level of $1.12.
Resistance levels: $1.12, $1.13, $1.15
Support levels: $1.11, $1.10, $1.09
EURUSD Long-term Trend: Bullish
On the long term outlook, EURUSD is bullish. The Bulls’ momentum increased further as it was predicted last week; the scenario led to an increase in the price of EURUSD. The price increased and broke up the resistance level of $1.11, pushed the price towards the resistance level of $1.12. Today, the Bears dominated the EURUSD market and the price pulled back.
The 21 periods EMA is about crossing over the 50 periods EMA as a sign of strong bullish momentum and the price is trading above the two EMAs. The pullback is inevitable in a trending market as this may be experienced in the EURUSD market. After the pullback, the bullish trend may continue and reach the resistance level of $1.12. However, the Stochastic Oscillator period 14 is at overbought (above 80) levels with the signal lines trying to cross each other downside which may indicate sell signal and this may be a pullback.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. The Bulls pushed up the price out of last week’s consolidation zone. The price soared towards the north and reached the former resistance level of $1.11, broke it up and rallied towards the resistance level of $1.12.
The price is trading above the 21 periods EMA and 50 periods EMA, currently consolidating around the $1.11 price level. The stochastic oscillator period 14 is at 60 levels with the signal lines pointing down to indicate a sell signal.
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