EURUSD Price Analysis – May 06
At the moment, EURUSD is targeting 1.1237 levels. In case the Bulls succeed to break up the supply level of $1.1237 then $1.1299 may be the next target.
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 is still under the bearish momentum. On May 01, the Bulls made an effort to push up the price of EURUSD towards the supply level of 1.1299 but the move was resisted at the 50 period EMA by the Bears. That daily candle eventually closed as bearish pin bar on that day. On May 03, the bearish momentum pushed down the EURUSD price to touch the demand level of $1.1122, the price bounced. Today’s daily candle is strongly bullish pushing the price towards $1.1181.
EURUSD is currently trading below the 21 periods EMA and 50 periods EMA which connotes bearish trend. The Moving Average Convergence and Divergence period 12 with its histogram is slowly crossing above zero levels and the signal lines pointing up trying to cross each other indicate buy signal. At the moment, EURUSD is targeting 1.1237 levels. In case the Bulls succeed to break up the supply level of $1.1237 then $1.1299 may be the next target.
EURUSD medium-term Trend: Bearish
On the medium-term outlook, EURUSD is on the bearish trend. ON May 01, the bullish momentum placed the price at the $1.1237 level but could not break up the level. The bearish engulfing candle formed and the price rolled down to the previous low at $1.1122 level. On May 03, further reduction in price was opposed by the Bulls and the price is placed on $1.1181 level consolidating at the moment.
Meanwhile, the MACD period 12 is coming above zero levels with its histogram and the signal lines is pointing up as a buy signal.
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