EURUSD Price Analysis – November 29
Should the resistance level of $1.12 is penetrated upside, uptrend movement may commence and resistance levels of $1.13 and $1.14 may be tested. Should the resistance level of $1.12 holds, bears may push the price towards the support level of $1.11, $1.10 and $1.09.
EUR/USD Market
Key Levels:
Resistance levels: $1.12, $1.13, $1.14
Support levels: $1.11, $1.10, $1.09
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. The last week market reached the low of $1.12 support level. Buyers tried to oppose further declination of Euro currency at $1.13 level on November 17 but the bears rejected the opposition. The price declined further after a short pullback to retest the resistance level of $1.13. The bears gained more momentum and the price found support at $1.12 level.
The price is increasing gradually penetrates the dynamic resistance level of 9 periods EMA. However, it is trading between the 9 periods EMA and 21 periods EMA as a sign of bullish movement. Should the resistance level of $1.12 is penetrated upside, uptrend movement may commence and resistance levels of $1.13 and $1.14 may be tested. Should the resistance level of $1.12 holds, bears may push the price towards the support level of $1.11, $1.10 and $1.09.
EURUSD Medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. The currency pair bottomed at the support level of $1.12 after it penetrate the former support level of $1.12 and $1.13. The price is reversing towards north side. It has retested the $1.12 level and currently pulling back before bullish movement continues.
The fast periods EMA has crossed the slow period EMA upside. The price is trading above the 9 periods EMA and 21 periods EMA as an indication of bullish market. The relative strength index period 14 is pointing up at 60 levels indicating a bullish signal.
