EURUSD Extends the Ranging Note Towards the 1.0800 Regions As Greenback Demand Resurges

EURUSD Extends the Ranging Note Towards the 1.0800 Regions As Greenback Demand Resurges

EURUSD Price Analysis – May 14

EURUSD is expanding the range note to the lower end of this week’s monthly level as of now. EURUSD overwhelmed offers in the rising 1.08-area however the course of the USD altered as Powell openly stated that low rates are no alternative for the Fed. The greenback safe-haven bid has been improved by an increase in losses on stock markets.

Key Levels
Resistance Levels: 1.1495, 1.1146, 1.0900
Support Levels: 1.0768, 1.0721, 1.0635

EURUSD Long term Trend: Ranging
The pair currently decreases 0.11 percent at level 1.0808 and confronts the next support at level 1.0768 closely followed by level 1.0721 and eventually level 1.0635. A breakout beyond 1.0950 level on the upward may reach 1.0990 level on the path up to 1.1055 level.

EURUSD seems to have encountered some reasonable objections so far this week at the 1.0812 thresholds in the light of weak results from regional fundamentals and a large consolidation trend. In the wider context, the entire downtrend from 1.2555 (high in 2018) may still be in effect as long as 1.1495 resistance level holds.

EURUSD Short term Trend: Ranging
The momentum on the four-hour chart swings lower and the currency pair moves underneath the 5 and 13 moving average. Is it starting to collapse? Within the channel, EURUSD maintains horizontal support underneath uptrend but is on the edge.

Direct support is at level 1.0784, and this is where the price hits the trend line. The next buffer is the level of 1.0768, the latest lows, and then the level of 1.0721, a low last week. The next lines to track are level 1.0635. Price actions from level 1.0635 are seen as a trend of adjustment, which may extend further.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.