EURUSD Price May Reverse at $1.22 Price Level

EURUSD Price Analysis – December 08

EURUSD May retest the resistance level of $1.22 in which further increase may place the price at $1.23 and 41.24 price level. In case the bears push down the price and the daily candle closes below the $1.22 level, then, the price may decline to test the support level of $1.21, $1.19, and $1.18 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

The bulls hold to the EURUSD market tightly after the breakout at $1.18. The former resistance level of $1.18 and $1.19 has turned to support level. The $1.21 level is already penetrated and is heading towards the $1.22 level. The currency is carrying out retest to $1.21 price level. The bullish momentum in the EURUSD market is becoming low. Nevertheless, the price may reverse at the resistance level of $1.22.

EURUSD Daily chart, December 08

The 9 periods EMA remains above the 21 periods EMA at a distance range and the price is trading above the two EMAs as a sign of bullish movement. EURUSD May retest the resistance level of $1.22 in which further increase may place the price at $1.23 and 41.24 price level. In case the bears push down the price and the daily candle closes below the $1.22 level, then, the price may decline to test the support level of $1.21, $1.19, and $1.18 level.

EURUSD medium-term Trend: Bullish

EURUSD is bullish on the 4-hour chart. The price was consolidating within $1.18 and $1.17 a few weeks ago. The bullish engulfing candle formed on November 24 interrupted the consolidation movement and break up the $1.18 price level. The bulls further increase their momentum and the resistance level of $1.22 was touched. It is currently pulling back to test the $1.21 level.

EURUSD 4-hour chart, December 08

The 9 periods EMA and 21 periods EMA are coming together and the price is trading in between the two EMAs which indicates that the bullish momentum is getting weak. The RSI period 14 is below 60 levels with the signal lines pointing down to indicate a sell signal. It may be profitable placing Sell Stop at $1.2081, Stop Loss at $1.2138, and Take Profit at $1.1980.