EURUSD Price Analysis – February 22
Should the Bulls maintain their momentum and push up the price to break $1.22 levels, then, $1.23 and $1.24 maybe its target. In case the bears defend the $1.22 resistance level, bearish momentum may increase and the price may test the support level at $1.20, $1.19, and $1.18. The Relative Strength Index period 14 is above 50 levels with the signal line pointing up to indicate a buy.
EUR/USD Market
Key Levels:
Resistance levels: $1.22, $1.23, $1.24
Support levels: $1.20, $1.19, $1.18
EURUSD Long-term Trend: Bullish
The bulls are returning to EURUSD market. Last week, the currency pair was heading towards south breaking the support level of $1.20. The bulls are not convenient with the downtrend. An increase in the bulls’ pressure led to an increase in price. A daily bullish candle appeared and the price increases towards the resistance level of $1.22. Further price increase envisaged as more daily bullish candles are formed.
EURUSD have penetrated the two EMAs upside by the bulls’ pressure. The 9 periods EMA is crossing the 21 periods EMA upside to establish an uptrend. However the price is trading above the 9 periods EMA and the 21 periods EMA. Should the Bulls maintain their momentum and push up the price to break $1.22 levels, then, $1.23 and $1.24 maybe its target. In case the bears defend the $1.22 resistance level, bearish momentum may increase and the price may test the support level at $1.20, $1.19, and $1.18. The Relative Strength Index period 14 is above 50 levels with the signal line pointing up to indicate a buy.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. The former resistance level of $1.20 was penetrated upside after EURUSD found support at $1.19 on February 04 and consolidates for few hours. The price retracement was carried out towards the former support level of $1.20 on February 17. At the moment the price is increasing towards the resistance level of $1.22.
The price is trading above the 9 periods EMA and 21 periods EMA, the former EMAs are above the later as a bullish trend confirmation. However, the Relative Strength Index period 14 is above 60 levels with the signal line pointing upside which indicates a buy signal.
