The boost in energy associated with bulls may reflect in the EURUSD price, increase above the resistance degree of $1.6, which may eventually expand to the resistance level at $1.18 and $1.19. In the event the power regarding the bulls is weak and could not break up the $1.16 price degree, it would likely continue the style that is bearish face the demand levels at $1.15, $1.14, and $1.13.
EURUSD Trend that is long-term
The EURUSD marketplace is dominated by the bears and this will make the pair to be bearish in the chart that is daily. The currency pair will not change the direction to a style that is bullish the US dollar is weak in strength. The strength of the US dollar is strong and this led the EURUSD to continue in bearish motion throughout final week. The currency pair decline to the support amount of $1.15 before the market closed week that is last.
Today, the currency pair opens the market with a candle that is bullish the same level it closed a week ago; these results in the formation of a bullish candle pattern called “tweezer bottom”. The increase in power of the bulls may reflect in the EURUSD price, increase above the resistance degree of $1.6, which might eventually extend towards the resistance level at $1.18 and $1.19. In case the potency of the bulls is weak and could not break up the $1.16 price level, it may continue the trend that is bearish face the demand levels at $1.15, $1.14, and $1.13. Meanwhile, the Strength that is relative Index 14 is pointing up at 40 levels which connotes a buy signal.
EURUSD Trend that is medium-term
EURUSD is bearish in the chart that is 4-hour. The bears take over the market immediately after the breakout that is bearish took spot on September 21. More pressure was exerted by the bears and the price decline to $1.15 price level after it broke down the $1.17 and $1.16 price level. The bearish momentum is becoming poor indicating that the bulls may take the market over soon. The boost in energy associated with bulls may reflect in the EURUSD.
The money pair is crossing the two EMAs upside and the relative strength index period 14 is above 40 levels pointing up to indicate a strong signal that is bullish. Buy Stop are placed at $1.16801, Stop Loss at $1.16276, and Take Profit at $1.17758.