EURUSD Price Analysis – January 13
The Bulls may push the pair to retest the resistance level of $1.12 provided they maintain their pressure and in case the level does not hold, the price may be exposed to the resistance level of $1.13.
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 currency pair found resistance at $1.12 on 31 December. A bearish engulfing candle emerged; this is a bearish reversal candle that pushed the price to the support level of $1.11. The just mentioned support level holds the price; meaning that the level is stronger than the Bears’ pressure at that moment. The buyers use the opportunity to gain more strength and push up the price targeting the resistance level of $1.12. Meanwhile, the price action has formed an ascending channel.
The price has moved above the 21 periods EMA and the 50 periods EMAs which indicates that the Bulls’ momentum is increasing. The Bulls may push the pair to retest the resistance level of $1.12 provided they maintain their pressure and in case the level does not hold, the price may be exposed to the resistance level of $1.13. The relative strength index period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. The price action on the 4-hour chart has formed an ascending channel. The price touches the upper trend line and bounced off to touch the lower trend line. It has just touched the lower trend line and bounced to face the resistance level of $1.12.
The price is trading in between the 21 periods EMA and 50 periods EMA with bullish candles formation, which indicates that the Bulls are gaining upper hand in the EURUSD market. The Relative Strength Index period 14 is above 50 levels with a signal line pointing up to indicate buy.
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