EURUSD Price Analysis – January 03
The bearish momentum may be a pullback and EURUSD price may retest the support level of $1.1295. In case the support level of $1.1295 holds or defended by the bulls, the price may continue bullish movement to break up $1.1295 and face resistance level of $1.1432 and $1.1514. The breakdown of $1.1295 level will expose the price to $1.1206 and $1.1103 levels.
EUR/USD Market
Key levels:
Supply levels: $1.1375, $1.1432, $1.1514
Demand levels: $1.1295, $1.1206, $1.1103
EURUSD Long-term trend: Ranging
EURUSD is on the ranging movement on the long term outlook. The currency pair has been experiencing a ranging market for more than two weeks. The Bears’ momentum is not enough to break down the support level of $1.1206. Likewise, the bulls’ pressure is low compare to the resistance force at $1.1375. Ranging movement continues as long as the two mentioned level holds. On December 31, the bulls tried to break up $1.1375 level but unable as bears dominate the market today.
EURUSD price is currently trading above the 9 periods EMA and 21 periods EMA in which the former has crossed the later upside. The relative strength index period 14 is at 50 levels and the signal lines pointing down displaying bearish direction. The bearish momentum may be a pullback and EURUSD price may retest the support level of $1.1295. In case the support level of $1.1295 holds or defended by the bulls, the price may continue bullish movement to break up $1.1295 and face resistance level of $1.1432 and $1.1514. The breakdown of $1.1295 level will expose the price to $1.1206 and $1.1103 levels.
EURUSD medium-term Trend: Ranging
On the medium-term outlook, EURUSD is ranging. The resistance level of $1.1375 still holds and the bulls could not break it up. The support level of $1.1206 is opposing the bears. The price is dangling within the mentioned levels. The ranging movement will continue until there is a breakout at $1.1375 or $1.1206.
EURUSD is trading around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at the 50 level and the signal lines pointing up to indicate a buy signal.
