Bullish Trend May Commence Provided Support Level of $1.11 Holds – Cryptovibes.com – Daily Cryptocurrency and FX News
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Annual Forecast for XAUUSD (2022)
The bullish trend may commence provided the support level of $1.11 holds and the price may target resistance levels at $1.15, $1.16 and $1.17. The breaking down of $1.11 support level will expose the price to $1.09 and $1.07 levels.
EUR/USD Market
Key levels:
Supply levels: $1.15, $1.16, $1.17
Demand levels: $1.11, $1.09, $1.07
EURUSD Long-term trend: Bearish
EURUSD is on the bearish movement on the weekly chart. Throughout last year the currency pair was on bearish trend. The bearish journey started at the resistance level of $1.22. There was a formation of double chart pattern at the just mentioned level and the price decline to $1.11 support level after it breaks down the support levels of $1.18, $1.16 and $1.15. At the moment on the weekly chart, the price is trying to reverse.
EURUSD price is currently trading above the 9 periods EMA but below 21 periods EMA which indicate that bears’ momentum is decreasing. The relative strength index period 14 is at 40 levels and the signal lines pointing up displaying bullish direction. The bullish trend may commence provided the support level of $1.11 holds and the price may target resistance levels at $1.15, $1.16 and $1.17. The breaking down of $1.11 support level will expose the price to $1.09 and $1.07 levels.
EURUSD medium-term Trend: Bearish
On the daily chart, EURUSD is bearish. The formation of double top chart pattern at $1.22 resistance level triggered the falling of the price last year. The bulls could not break up the resistance level of $1.22. The price tested the support level of $1.11 before the end of last year and the bulls are trying to take over the market.
EURUSD is trading above 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 which may be a pullback.
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