EURUSD Price Analysis – May 30
The breaking up of the resistance level at $1.07, may increase price to test the resistance level of $1.08 which may extend to $1.09 level. Should the bears break down the support level of $1.06, the price may reach $1.04 and $1.02.
EUR/USD Market
Key Levels:
Resistance levels: $1.07, $1.08, $1.09
Support levels: $1.06, $1.04, $1.02
EURUSD Long-term Trend: Bullish
On the long term outlook, EURUSD is bullish. Bulls are dominating the EURUSD market when the bears’ pushed down price to the low of $1.02 support level. An inside bar candle pattern formed which triggers bullish movement. At the moment, the price is increasing towards the resistance level of $1.07 in which it may break it upside. The former support levels of $1.08 and $1.07 have turned to resistance levels.
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 $1.07, the price may increase to test the resistance level of $1.08 which may extend to $1.09 level. Should the bears break down the support level of $1.06, the price may reach $1.04 and $1.02. The Relative Strength Index period 14 is at 58 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 buyers’ pressure could not penetrate the support level of $1.02. The currency pair breaks the former resistance level of $1.04 and $1.06 levels. The price is struggling to break up the resistance level of $1.07 at the moment. The price may expose to the resistant level of $1.09.
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 66 levels with the signal line pointing up which indicate a buy signal.
