EURUSD Price Is Gathering Momentum for a Breakout – Cryptovibes.com – Daily Cryptocurrency and FX News
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EURUSD Price Analysis – December 27
In case the support level of $1.1206 holds or defended by the bulls, the price may reverse and face resistance level of $1.1375 and $1.1432.The breakdown of $1.1295 level will expose the price to $1.1206 and $1.1103 levels.
EUR/USD Market
Key levels:
Supply levels: $1.1375, $1.1432, $1.1514
Demand levels: $1.1295, $1.1206, $1.1103
EURUSD Long-term trend: Ranging
EURUSD is on the ranging movement on the long term outlook. Bears’ momentum and bulls’ momentum are equal; this is what led to ranging movement in the EURUSD market. Bulls are trying to push up the price when the support level of $1.1206 holds but bears are opposing the movement. Last week, the currency pair experienced a ranging movement within the $1.1395 and $1.1206 levels. There was a partial breakout at $1.1295 resistance level on 16 December but the bears interrupted the movement.
EURUSD price is currently trading around the 9 periods EMA and 21 periods EMA in which the two are interlocked to each other. The relative strength index period 14 is at 50 levels and the signal lines pointing is not displaying specific direction. The bearish momentum is getting weak and EURUSD price may reverse at the support level of $1.1206. In case the support level of $1.1206 holds or defended by the bulls, the price may reverse and face resistance level of $1.1375 and $1.1432.The breakdown of $1.1295 level will expose the price to $1.1206 and $1.1103 levels.
EURUSD medium-term Trend: Ranging
On the medium-term outlook, EURUSD is ranging. The price action on the 4-hour chart looks like double bottom chart pattern when the currency pair tested the support level of $1.1206 second time. The sellers’ pressure is becoming weak and the bulls’ momentum is equally weak. The price is moving slowly around the $1.129 level.
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 up to indicate a buy signal.
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