EURUSD Price Analysis – December 01
EURUSD May break up the resistance level of $1.19 and increase to test $1.21 and $1.22 resistance levels. Should the bulls were unable to break up the resistance level of $1.19, then, EURUSD may fall to target the support levels at $1.18, $1.17, and $1.16.
Resistance levels:, $1.20, $1.21, $1.22
Support levels: $1.18, $1.17, $1.16
EURUSD Long-term Trend: Bullish
The bearish momentum EURUSD displayed two weeks ago exhausted at the support level of $1.17.The bulls defend the mentioned support level and the pair could no longer decline. The bullish candles emerge the following day to indicate that the bulls are ready to take over the market. The price increases to test the resistance level at $1.18 level. The price penetrates the just mentioned level on November 26 and it is trying to break up the resistance level at $1.20.
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 break up the resistance level of $1.20 and increase to test $1.21 and $1.22 resistance levels. Should the bulls were unable to break up the resistance level of $1.19, then, EURUSD may fall to target the support levels at $1.18, $1.17, and $1.16. The relative strength index period 14 with its signal line, pointing up at 60 levels, to indicate an increase in EURUSD price.
EURUSD medium-term Trend: Bullish
EURUSD is bullish on 4-hour chart. The price was consolidating within $1.18 and $1.17 few weeks ago. The bullish engulfing candle formed on November 24 interrupted the consolidation movement and break up $1.18 price level. The market obeyed the bullish command and rally to test the $1.19 level. EURUSD increases to test the resistance level at $1.20. It pulls back and currently testing the level second time.
The pair is trading above the 9 periods EMA and 21 periods EMA and RSI period 14 is at 60 levels with the signal lines pointing down to indicate a sell signal which may be a pullback. It is wise placing Buy Stop at $1.20001, Stop Loss at $1.19260 and Take Profit at $1.20770.