EURUSD Price Analysis – February 07
The price may reach the resistance level of $1.15, breaking this level may increase is to $1.16 and $1.17 levels. Below the current price level are $1.13, $1.11 and $1.09 support levels.
EUR/USD Market
Key levels:
Supply levels: $1.15, $1.16, $1.17
Demand levels: $1.13, $1.11, $1.09
EURUSD Long-term trend: Bullish
EURUSD is on the bullish movement on the daily chart. The currency pair was bearish last two weeks. A bearish momentum increased, more bearish candles were produced and the price decreased to the support level of $1.11 on 27 January. A morning star candle pattern formed and a bullish momentum is triggered. Price has broken the former resistance level of $1.12 and $1.13 upside. The price is increasing towards the resistance level of $1.15.
EURUSD price is currently trading above the 9 periods EMA and 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is at 60 levels and the signal lines pointing up displaying bullish direction. The price may reach the resistance level of $1.15, breaking this level may increase is to $1.16 and $1.17 levels. Below the current price level are $1.13, $1.11 and $1.09 support levels.
EURUSD medium-term Trend: Bullish
On the daily chart, EURUSD is bullish. Last week, the price was under the control of bears. The price was decreasing and the support level of $1.11 was reached. Bullish engulfing candle was formed and the price increase to break up $1.12 and $1.13 level. The currency pair is increasing towards the resistance level of $1.15 resistance level.
EURUSD is trading above the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 60 levels and the signal lines pointing up to indicate a buy signal.
