EURUSD Price Analysis – May 13
The Bulls has succeeded in breaking up the supply level of $1.1237, in the case today’s daily bullish candle closes above the $1.1299 level, then, the price may reach its target at $1.1299.
Supply levels: $1.1237, $1.1299, $1.1358
Demand levels: $1.1181, $1.1122, $1.1072
EURUSD Long-term trend: Bullish
EURUSD is bullish on the daily chart. The currency pair was bearish last week; the demand level of $1.1122 was reached on May 03. The Bulls defended the level and increased their momentum; this bullish force propelled the currency pair towards $1.1237 level. The bullish momentum broke up the level today with the formation of the strong bullish candle. The currency pair is currently exposed to $1.1299 level and moving towards it.
EURUSD is crossing the two EMAs upside as a sign of bullish trend and the currency pair is currently trading above the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 80 levels with the signal lines pointing upside, which indicates that EURUSD may still increase further in price. EURUSD is targeting 1.1299 levels. The Bulls has succeeded in breaking up the supply level of $1.1237, in case, today’s daily bullish candle closes above the $1.1299 level, then, the price may reach its target at $1.1299.
EURUSD medium-term Trend: Bullish
On the medium-term outlook, EURUSD is on the bullish movement. The bullish momentum took off on May 03 and rallied towards the north. The drawn bearish trend line was broken upside and also the two EMAs. The price moved up towards the supply level of $1.1237 and penetrated the level.
The 21 periods EMA has crossed 50 periods EMA upside and the EURUSD is trading above the two EMA. The Stochastic Oscillator period 14 is above 75 levels with its signal lines pointing up as a buy signal.
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