EURUSD Price Analysis – May 23
In case the Bulls break up the resistance level of $1.06, the price may increase to test the resistance level of $1.07 which may extend to $1.08 level. Should the bears break down the support level of $1.04, the price may reach $1.02 and $1.01.
EUR/USD Market
Key Levels:
Resistance levels: $1.06, $1.07, $1.08
Support levels: $1.04, $1.02, $1.01
EURUSD Long-term Trend: Bullish
EURUSD is bullish on the long term outlook. Sellers dominated the EURUSD market few weeks ago, in which the price was falling and Bulls were not able to oppose. The Sellers’ momentum pushed down the price to the support level of $1.02. A “bullish engulfing” candle pattern formed which is a bullish reversal signal. The buyers’ pressure increases and the price is heading towards and trying to break up the resistance level of $1.06.
EURUSD is trading above the 9 periods EMA and the 21 periods EMA. The two EMAs were penetrated upside by the bulls’ pressure. In case the Bulls break up the resistance level of $1.06, the price may increase to test the resistance level of $1.07 which may extend to $1.08 level. Should the bears break down the support level of $1.04, the price may reach $1.02 and $1.01. The Relative Strength Index period 14 is at 68 levels with the signal line pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bullish
EURUSD is bullish in the medium-term outlook. The sellers’ momentum failed when the currency pair found support at $1.02 level on 12 May. The bulls’ pressure pushed up the price to test and break up $1.04 resistance level. The just mentioned level could not hold the price. The price is currently breaking up the $1.06 level.
The price is trading above the 9 periods EMA and 21 periods EMA, the two EMAs are separated from each other as a sign of bullish trend. Meanwhile, the Relative Strength Index period 14 is at 51 levels with the signal line pointing up which indicate a buy signal.
