EURUSD Price Analysis – April 29
The Bulls are gradually propelling the currency pair back to the north. The daily candle formed today is bullish and it may break up $1.1181 level and target $1.1237.
Supply levels: $1.1181, $1.1237, $1.1299
Demand levels: $1.1122, $1.1072, $1.1014
EURUSD Long-term trend: Bearish
On the daily chart, EURUSD is on the bearish trend. EURUSD was topped at $1.1299 level on April 18. The bullish momentum was lost at the level and the Bears waved into the market; this is noticed on the daily chart with the formation of strong bearish candle that pushed down the EURUSD price to $1.1237 level. The pullback was observed for two days. On April 23, the Bears pushed the pair down to break $1.1237, 41.1181 and bottomed at $1.1122 on April 25 in which the Bears could not penetrate the level. The Bulls are gradually propelling the currency pair back to the north.
EURUSD is at a distance to the two EMAs and it is currently trading below the 21 periods EMA and 50 periods EMA which connotes strong bearish trend. The Relative Strength Index period 14 is at 40 levels with the signal lines bending up which connotes buy signal and increase in EURUSD price. The daily candle formed today is bullish and it may break up $1.1181 level and target $1.1237.
EURUSD medium-term Trend: Bearish
EURUSD is on the bearish trend on the medium-term outlook. The bears maintain and increase their bearish pressure on EURUSD market. The price rolled down and reached the demand level of $1.1122. It consolidated for a few hours at the just mentioned level. The bullish engulfing candle formed on April 26 is a sign of bullish pressure that is currently touching the $1.1181.
Meanwhile, the Relative Strength Index period 14 is above 50 levels with the signal lines pointing upside to indicate a strong buy signal.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.