Forex Signals EURUSD Price Hits Resistance

EURUSD Price Analysis – June 08

In case the resistance level of $1.13 holds, the price may decline to break down the demand level of $1.12 and expose it to the demand levels of $1.11 and $1.10. Should the bulls defend the demand level of $1.12; the price may continue its bullish trend which may reach the previous high of $1.14.

Key Levels:

Resistance levels: $1.13, $1.14, $1.16
Support levels: $1.12, $1.11, $1.10

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. The way it was predicted last week; the bulls’ momentum increased further and the price increased. The former resistance level of $1.12 was penetrated upside with the formation of massive bullish candles. The price found resistance at $1.13 and the price pulled back towards the support level of $1.12.

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Forex Signals EURUSD Price Hits Resistance

EURUSD continues its trading above 9 periods EMA and 21 periods EMA at a distance after it penetrated the two EMAs to the upside. In case the resistance level of $1.13 holds, the price may decline to break down the demand level of $1.12 and expose it to the demand levels of $1.11 and $1.10. Should the bulls defend the demand level of $1.12; the price may continue its bullish trend which may reach the previous high of $1.14. The Relative Strength Index period 14 is above 70 levels with the signal line pointing downside to indicate a sell signal Forex Signals EURUSD Price Hits Resistance.

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EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The bulls hold tight to the EURUSD market and the price increased to break up the price level of$1.12. The currency pair tested the resistance level of $1.13; the bulls’ momentum could not break up the level but rather pulled back. The price is currently consolidating below the resistance level of $1.13.

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The price is trading directly on the 9 periods EMA and 21 periods EMA which connotes a decrease in bulls’ momentum. The Relative Strength Index period 14 is at 60 levels with the signal level pointing down which indicates sell signal.