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EUR/USD May Stay Above $1.22 Resistance Level

Published on

June 1, 2021

EUR/USD Price Analysis – June 1

An increase in the bullish momentum may likely push the currency above the resistance level of $1.22. Inability to keep the price above this resistance level may cause the price to experience a breakdown.

Key levels:
Resistance Levels: $1.235, $1.240, $1.245
Support Levels: $1.210, $1.205, $1.200

EUR/USD is bullish on the long-term outlook as the currency is obeying the command of the bulls, that is, it is bullish. Last week, the price shows no significant movement as there was low volatility in the EUR/USD market. However, the currency pair is consolidating within the $1.22 resistance level and $1.21 support level. More so, in case the bulls continue with this strong momentum, the resistance level of $1.23 may be penetrated and the price may remain above the upper boundary of the channel.

EUR/USD Price Analysis: Will EUR/USD sees a further Upside?

EURUSD is trading above the 9-day and 21-day moving averages as evidence of a bullish trend on the daily chart. An increase in the bulls’ momentum may push up the currency pair above the resistance level of $1.22; therefore, the price may increase to a $1.23 resistance level. However, the inability to break above the resistance level of $1.22 by the bulls, the price may experience a breakdown of the support level of $1.21 which may extend to the support levels at $1.210, $1.205, and $1.200 respectively.

EURUSD market initially started with a bullish candle and the price moved up slightly to break up the dynamic resistance level of $1.23. Later, the bears prevail over the bulls as they keep the price around the 9-day moving average. Meanwhile, there is a possibility for the price to retreat at the $1.220 level but should the bulls intensify their pressure and push the market price above the upper boundary of the channel, the price may reach the resistance levels of $1.235, $1.240, and $1.245 level. Meanwhile, the technical indicator Relative Strength Index (14) with the signal line is seen moving below 60-level, suggesting sideways movement.

EUR/USD Medium-term Trend: Ranging (4H Chart)

EUR/USD is ranging in the medium-term outlook. The bulls dominate the EUR/USD market for many days as the resistance level of $1.21 is a broken upside and the currency price increased to test the resistance level of $1.22. Meanwhile, the just mentioned levels hold the price and it started a ranging movement within the levels.

However, the currency pair is trading within the 9-day and 21-day moving averages, the bulls may continue to dominate the market as the red-line of 9-day MA is above the green-line of 21-day MA. On the other hand, the technical indicator (14) is at 51-level with the signal line pointing to the east which indicates sideways movement.

Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : June 1, 2021

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