EURUSD Price Analysis – June 27
When the bulls break up the resistance level of $1.06, the price may test resistance level of $1.07 and $1.09. In case the sellers defend the resistance level of $1.06, the price may decline towards the support level of $1.04, decrease to test the 1.02 level, which may reach $1.01 level.
EUR/USD Market
Key Levels:
Resistance levels: $1.06, $1.07, $1.09
Support levels: $1.04, $1.02, $1.01
EURUSD Long-term Trend: Bullish
On the long term outlook, EURUSD is bearish. The price is increasing as the bulls are gaining more pressure because double bottom chart pattern formed at the support level of $1.03. It is an indication that bulls will dominate the market soon. The price was rejected at the mentioned level, bounced up and break up the $1.04 former resistance level. The price may break up the dynamic resistance level. The price may equally break up $1.06 resistance level and it may reach the $1.07 level.
EURUSD has broken above the 9 periods EMA and trying to break up 21 periods EMA, which indicate that price is gradually increasing. When the bulls break up the resistance level of $1.06, the price may test resistance level of $1.07 and $1.09. In case the sellers defend the resistance level of $1.06, the price may decline towards the support level of $1.04, decrease to test the 1.02 level, which may reach $1.01 level. The Relative Strength Index period 14 is at 49 levels with the signal line pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. Last two weeks, the currency pair tested the support level and formed a bullish reversal pattern on 4-hour chart. The bulls gained more momentum and they dominates the market. Pullback was carried out last week to the support level of $1.04. Currently, it is increasing towards resistance level of $1.06.
The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separating from each other as a sign of bullish momentum in the market. Relative Strength Index period 14 is pointing up at 58 levels which indicate a buy signal.
