PRESS RELEASE: EURUSD Price Is Pulling Back to Retest $1.22 Before Bearish Continuation
PRESS RELEASE: EURUSD Price Is Pulling Back to Retest $1.22 Before Bearish Continuation
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January 25, 2021
EURUSD Price Analysis – January 25
In case the Bulls maintain their momentum and push up the price to break $1.22 levels, then, $1.23 and $1.25 may be reached. In case the bears defend the resistance level of $1.22 with an increase in bearish momentum, the price may reverse and face the support levels at $1.20, $1.19, and $1.17.
EUR/USD Market
Key Levels:
Resistance levels: $1.22, $1.23, $1.25
Support levels: $1.20, $1.19, $1.17
EURUSD Long-term Trend: Bullish
EURUSD is bullish on the long-term outlook. The bears pushed the price to the support level of $1.20 last week. The bears’ momentum failed with the formation of the Morning star chart pattern. The chart pattern produced is a bullish reversal pattern and the price increases to break up the dynamic resistance levels currently targeting the $1.22 level.
EURUSD Daily Chart, January 25
EURUSD has penetrated the two EMAs upside by the bulls’ pressure and the price is trading above the 9 periods EMA and the 21 periods EMA. In case the Bulls maintain their momentum and push up the price to break $1.22 levels, then, $1.23 and $1.25 may be reached. In case the bears defend the resistance level of $1.22 with an increase in bearish momentum, the price may reverse and face the support levels at $1.20, $1.19, and $1.17. The Relative Strength Index period 14 is above 60 levels with the signal line pointing up to indicate a buy.
EURUSD medium-term Trend: Bearish
EURUSD is bullish on the long-term outlook. The bears were in control of the EURUSD market last week. The currency pair decreased and found support at $1.20 on January 18. The price could not break down the support level of $1.20. The bulls gather more momentum and change the direction of price by increasing towards the resistance level of $1.22.
EURUSD 4-hour chart, January 25
The price is trading above the 9 periods EMA and 21 periods EMA and the Relative Strength Index period 14 is above 60 levels pointing up to indicate a further price increase.
This is a syndicated post from https://www.cryptovibes.com/blog/2021/01/25/eurusd-price-is-pulling-back-to-retest-1-22-before-bearish-continuation/
