EURUSD Price Breaks Up to Another Elevated Level

EURUSD Price Analysis – December 21

Should the Bulls maintain their momentum and push up the price to break $1.23 levels, then, $1.24 and $1.25 maybe its target. In case the bears interrupt the bullish momentum, the price may reverse and face the support level at $1.22, $1.21, and $1.19. The Relative Strength Index period 14 is at 70 levels with the signal line pointing down to indicate a sell.

EUR/USD Market

Key Levels:

Resistance levels: $1.23, $1.24, $1.25
Support levels: $1.22, $1.21, $1.19

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. A few weeks ago, the bears dominated the EURUSD market to the extent that there was no provision for the Bulls. The bearish momentum pushed down the price to the low support level of $1.15. A bullish reversal candle pattern called “bullish engulfing” emerged. The bull’s pressure increased and pushed up the price to break the $1.22 price level. The price is carrying out a pullback at the moment.

The two EMAs were penetrated upside by the bulls’ pressure and the price is trading above the 9 periods EMA and the 21 periods EMA. Should the Bulls maintain their momentum and push up the price to break $1.23 levels, then, $1.24 and $1.25 maybe its target. In case the bears interrupt the bullish momentum, the price may reverse and face the support level at $1.22, $1.21, and $1.19. The Relative Strength Index period 14 is at 70 levels with the signal line pointing down to indicate a sell.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The currency pair is under the bulls’ control in the medium chart. The bears’ pressure pushed down the price to test the support level of $1.15 on November 02. The just mentioned level holds and a bullish engulfing candle pattern formed at the same level and this triggered the bulls’ pressure that makes the price soared above the resistance level of $1.22.

The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of a trending market. However, the Relative Strength Index period 14 is above 70 levels with the signal line pointing downside which indicates a sell signal.