EURUSD Price Analysis – May 20
EURUSD may likely break down the demand level of $1.1122 and bottom at $1.1072, should the Bears increase or maintain their momentum in the EURUSD market. In case the demand level of $1.1122 holds, the price may bounce back to the north side.
Supply levels: $1.1181, $1.1237, $1.1299
Demand levels: $1.1122, $1.1072, $1.0987
EURUSD Long-term trend: Bearish
EURUSD turned bearish in the long – term outlook. EURUSD has been on a bearish trend on the daily chart. The currency has kept making lower lows by making new breakouts towards the south after the pullback. Last weeks was not exempted as the currency pair pulled back towards the $1.1237 supply level after touching the low price at $1.1170. The formation of a shooting star candle pattern at the supply level of $1.1237 brings the Bears pressure into the EURUSD market and the price descends towards the previous low of $1.1222 level.
EURUSD may likely break down the demand level of $1.1122 and bottom at $1.1072, should the Bears increase or maintain their momentum in the EURUSD market. In case the demand level of $1.1122 holds, the price may bounce back to the north side. Meanwhile, the Stochastic Oscillator period 14 is below 40 levels with the signal lines bending down which indicates sell signal.
EURUSD medium-term Trend: Bearish
On the medium-term outlook, EURUSD is bearish. The bullish momentum eventually placed the EURUSD price above $1.1237 level last week. A bearish engulfing candle formed on the 4-hour chart at $1.1237 level pushed the price down towards $1.1122 demand level. The pair could not reach the mark before it turned up towards $1.1181 level.
EURUSD is trading below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is below 25 levels and its signal line pointing up to indicate abuy signal and that the Bulls may take over soon.
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