EURUSD Near Key Resistance of $1.23

EURUSD Price Analysis – January 05

Further increase of the bulls’ momentum may increase the price to $1.23, $1.24, and $1.31 levels. In case the bears interrupt the price increase at $1.23, the price may reverse and decline to test the support levels at $1.22, $1.21, and41.19.

EUR/USD Market

Key Levels:

Resistance levels: $1.23, $1.24, $1.31

Support levels: $1.22, $1.21, $1.19

EURUSD Long-term Trend: Bullish

The Bulls are in charge of the EURUSD market. The bulls pushed the price above the resistance level of $1.22 last two weeks. The price pulled back to test the dynamic support levels. Last week, the bulls gained more momentum and restore the market to the bullish trend. EURUSD is focusing on the resistance level at $1.23.

EURUSD Daily chart, January 05

The 9 periods EMA remains above the 21 periods EMA and the price is trading above the two EMAs which connote a bullish movement. Further increase of the bulls’ momentum may increase the price to $1.23, $1.24, and $1.31 levels. In case the bears interrupt the price increase at $1.23, the price may reverse and decline to test the support levels at $1.22, $1.21, and $1.19.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the 4-hour chart. The bulls steadily increasing their momentum and the price increase accordingly. Though the movement is slow the price has penetrated the resistance level of $1.22 level. Immediately after the bullish breakout at the level mentioned, the bullish momentum becomes weak and the price started consolidating.

EURUSD 4 hour chart, January 05

The 9 periods EMA and 21 periods EMA are interlocked to each other and the price is hovering over EMAs which indicates that the consolidation is in progress. The RSI period 14 is bending towards the north at 50 levels which indicates a buy signal.