EURUSD Price: Bullish Trend Remains Intact Despite Short-Term Pullback

EURUSD Price Analysis – December 14

In case the resistance level of $1.22 holds the price, the bears may push down the price and the daily candle may close below the $1.21 level, the price may decline to test the support level of $1.21, $1.19, and $1.18 level. EURUSD May retest the resistance level of $1.22 in which further increase may place the price at $1.23 and $1.24 price level.

EUR/USD Market

Key Levels:

Resistance levels: $1.22, $1.23, $1.24
Support levels: $1.21, $1.19, $1.18

EURUSD Long-term Trend: Bullish

EURUSD remains under the control of the Bulls. The bulls pushed the price to test the resistance level of $1.22. The bulls’ momentum could not break up the mentioned level. The price pulled back to retest the broken level at $1.21 and also the dynamic support level was tested. After this scenario, the price begins to recover from the retracement moving up to test or break up the $1.22 level.

The 9 periods EMA is above the 21 periods EMA at a distance range and the price is trading above the two EMAs which connote a bullish movement. In case the resistance level of $1.22 holds the price, the bears may push down the price and the daily candle may close below the $1.21 level, the price may decline to test the support level of $1.21, $1.19, and $1.18 level. EURUSD May retest the resistance level of $1.22 in which further increase may place the price at $1.23 and $1.24 price level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the 4-hour chart. Immediately after the bullish engulfing candle that formed on November 24 which interrupted the consolidation movement; the price broke up the $1.18 price level. The bulls’ momentum increases and the resistance level of $1.22 were tested. The price is consolidating within the $1.22 and $1.21 price levels.

The 9 periods EMA and 21 periods EMA are interlocked to each other and the price is hovering over and around the two EMAs which indicates that the consolidation is in progress. The RSI period 14 is bending towards the south at 60 levels which indicates a sell signal. It may be profitable placing Sell Stop at $1.2081, Stop Loss at $1.2138, and Take Profit at $1.1980.