EURUSD Price Analysis – January 10
An increase in the bulls’ momentum may push the price to break out at $1.1387 level which will increase the price towards the resistance levels of $1.1514 and $1.1668. In case the support level of $1.1276 does not hold, the price may penetrate the mentioned level and the price may decrease to $1.1192 and $1.1025
EUR/USD Market
Key levels:
Supply levels: $1.1387, $1.1514, $1.1668
Demand levels: $1.1276, $1.1192, $1.1025
EURUSD Long-term trend: Ranging
EURUSD is on the ranging movement on the long term outlook. The Bears’ momentum is not yet strong enough to break down the support level of $1.1206. In the same way, the resistance level at $1.1387 holds and the bulls’ pressure is low compare to the mentioned resistance level. The currency pair commenced a ranging movement since December. Ranging movement continues as long as the two mentioned level holds.
EURUSD price is currently trading over and around the 9 periods EMA and 21 periods EMA in which the two EMAs are interlocked to each other. 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. An increase in the bulls’ momentum may push the price to break out at $1.1387 level which will increase the price towards the resistance levels of $1.1514 and $1.1668. In case the support level of $1.1276 does not hold, the price may penetrate the mentioned level and the price may decrease to $1.1192 and $1.1025.
EURUSD medium-term Trend: Ranging
On the medium-term outlook, EURUSD is ranging. The bulls could not break up the resistance level of $1.1387 as it still holds the price. The support level of $1.1276 is opposing the bears. The price continues a ranging movement between the mentioned levels. The ranging movement will continue until there is a breakout.
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 down to indicate a sell signal.
