EURUSD Price Analysis – May 16
The breaking down of the support level at $1.02 may push the price to $1.01 and $1.00 support levels. Should the support level of $1.02 is defended by the bulls, price may reverse and face the resistance levels of $1.04, $1.06 and $1.07.
EUR/USD Market
Key Levels:
Resistance levels: $1.04, $1.06, $1.07
Support levels: $1.02, $1.01, $1.00
EURUSD Long-term Trend: Bearish
EURUSD is bearish on the long-term outlook. Euro currency is sinking deep below the low of last two years November due to strength gained by the US Dollar last week. The bears’ pressure increased and push the price to penetrate the support level of $1.06. The bearish momentum extends to the support level of $1.04. Price may reverse at this mentioned level provided bulls gain more momentum.
Today, bullish candle opens the market and the price is increasing gradually facing the resistance level of $1.04. However, it is trading below the 9 periods EMA and 21 periods EMA as a sign of bearish movement. The breaking down of the support level at $1.02 may push the price to $1.01 and $1.00 support levels. Should the support level of $1.02 is defended by the bulls, price may reverse and face the resistance levels of $1.04, $1.06 and $1.07.
EURUSD medium-term Trend: Bearish
EURUSD is bearish in the medium-term outlook. Last week, the price tests the support level of $1.04 after broken down the support level of $1.06. It seems the bears’ and bulls’ momentum is getting weak and the price was consolidating within $1.04 and $1.06. An increase in the bears’ pressure breaks down $1.04 level.
The price is trading between the 9 periods EMA and 21 periods EMA as an indication of bullish market. The relative strength index period 14 is pointing up at 43 levels indicating a bullish signal.
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