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EURUSD Price Analysis – February 01

The price is reversing at the support level of $1.11 and the price may increase to the resistance levels of $1.13, $1.15 and $1.16. Bearish trend may encounter barrier at support level of $1.11, $1.09 and $1.16 levels.

EUR/USD Market

Key levels:

Supply levels: $1.13, $1.15, $1.16

Demand levels: $1.11, $1.09, $1.07

EURUSD Long-term trend: Bullish

On the daily chart, EURUSD is on the bullish movement. The currency pair could not increase further after a fake breakout at $1.13 level. Initially, a bullish engulfing candle formed and bullish movement was triggered. The $1.13 price level was broken upside. The sellers interrupted the increase with the formation of a bearish engulfing candle and the price tested the support level of $1.11. Morning star candle pattern emerges as an indication that bulls are ready to take over the market.

EURUSD price is currently trading above the 9 periods EMA but below 21 periods EMA which indicate that bulls’ momentum is increasing. The relative strength index period 14 is above 40 levels and the signal lines pointing up displaying bullish direction. The price is reversing at the support level of $1.11 and the price may increase to the resistance levels of $1.13, $1.15 and $1.16. Bearish trend may encounter barrier at support level of $1.11, $1.09 and $1.16 levels.

EURUSD medium-term Trend: Bullish

On the daily chart, EURUSD is bullish. Two weeks ago, the price was ranging within the resistance level of $1.38 and support level of $1.11. The bulls pushed the price above the resistance level of $1.38. The bulls’ pressure failed and the price reversed towards the previous low to test the support level of $1.11 on January 27. The price is bouncing up towards the resistance level at $1.12 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.