EURUSD Price Analysis – June 01
Further increase in the Bulls’ momentum will increase the currency pairs’ price in which the resistance levels of $1.12, $1.13, and $1.14 may be reached. On the downside, the support levels can be found at $1.11, $1.10, and $1.09.
Resistance levels: $1.12, $1.13, $1.14
Support levels: $1.11, $1.10, $1.09
EURUSD Long-term Trend: Bullish
On the long term outlook, EURUSD is bullish. After the breakout that took place on May 26, the Bulls have been dominating the EURUSD market without giving an opportunity to the bears. Strong daily bullish candles were produced and then former resistance levels of $1.09, $1.10, and $1.11 turned to support levels. The mentioned levels were broken upside; the price is currently exposed to the resistance level of $1.12.
EURUSD is trading above 9 periods EMA and 21 periods EMA at a distance after it penetrated the two EMAs to the upside. Further increase in the Bulls’ momentum will increase the currency pairs’ price in which the resistance levels of $1.12, $1.13, and $1.14 may be reached. On the downside, the support levels can be found at $1.11, $1.10, and $1.09. The Relative Strength Index period 14 is above 50 levels with the signal line pointing upside to indicate a strong buy signal.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. Last week, before the market close, the currency pair was bearish and closed below $1.09 level. The bulls gained enough momentum, pushed up the price and it penetrated the former resistance level of $1.10. The price slowly increased to break up the resistance level of $1.11.
The price is trading above the 9 periods EMA and 21 periods EMA which connotes an increase in bulls’ momentum. The Relative Strength Index period 14 is above 60 levels with the signal level pointing up which indicates buy signal.
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