EURUSD Price Analysis – May 27
In case the price succeeds in break up the 50 periods EMA and the daily bullish candle closes above it, the currency pair price may reach $1.1237 level. Should the resistance at the trend line holds, there will be a continuation of the bearish movement.
Supply levels: $1.1237, $1.1299, $1,358
Demand levels: $1.1181, $1.1122, $1.1072
EURUSD Long-term trend: Bearish
On the long – term outlook, EURUSD is bearish. The price remains bearish as long as the EURUSD is under the drawn trend line and under the 50 period EMA. The bearish momentum placed the price at $1.1122 on May 23. The Bulls rejected further decrease in price and a bullish engulfing candle emerged; this pushed up the EURUSD price and penetrated $1.1181 level, moving towards $1.1237 supply level.
EURUSD is currently trading in-between the 21 periods EMA and 50 periods EMA, it is making attempt to break up the trend line and 50 periods EMA. In case the price succeeds in break up the 50 periods EMA and the daily bullish candle closes above it, the currency pair price may reach $1.1237 level. Should the resistance at the trend line holds, there will be a continuation of the bearish movement. Meanwhile, the Relative Strength Index period 14 is at 50 levels with the signal lines trying to bend down which indicates sell signal.
EURUSD medium-term Trend: Bullish
On the medium-term outlook, EURUSD is bullish. A pin bar candle formed at the demand level of $1.1122 on May 23 signals a bullish reversal trend to the EURUSD market on the 4-hour chart. Followed the bullish pin bar candle is the formation of strong bullish candles that penetrated the $1.1181 price level. The price rallied towards $1.1237 level. The resistance found at the drawn trend line level is pulling back the price.
EURUSD is directly trading on the 21 periods EMA and 50 periods EMA. The Relative Strength index period 14 is below 60 levels and its signal line pointing down to indicate a sell 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.