EURUSD Price; Euro to US Dollar Exchange Rate Edges Lower Since April

Updated:

EURUSD Price Analysis – May 02

When there is a breakdown of the support level of $1.04 by the Bears’ momentum, the price will decrease to the support level of $1.03, and it may decrease to $1.02 levels. Inability to break down the support level of $1.04 by the bears, the price may experience a breakout at $1.05 resistance level which may extend to $1.06 and $1.07 levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.05, $1.06, $1.07

Support levels: $1.04, $1.03, $1.02

EURUSD Long-term Trend: Bearish

EURUSD is bearish on the long-term outlook. On March 30, EURUSD reached the high of $1.11 level. A bearish engulfing candle formed at the same level. The price dropped to the support level at $1.07. There was a brief ranging movement that took place at the just mentioned level. The sellers gained more pressure and break down the support level of $1.07. The price is currently decreasing towards the support level at $1.04.

EURUSD is trading below the 9 periods EMA and 21 periods EMA which is an evidence of an increase in the bearish momentum. When there is a breakdown of the support level of $1.04 by the Bears’ momentum, the price will decrease to the support level of $1.03, and it may decrease to $1.02 levels. Inability to break down the support level of $1.04 by the bears, the price may experience a breakout at $1.05 resistance level which may extend to $1.06 and $1.07 levels.

EURUSD medium-term Trend: Bearish

EURUSD is bearish in the medium-term outlook. Last week, the price was on the ranging movement on the 4 hour chart, within the $1.09 and $1.07 price level. The bears prevailed over the bulls on April 25 and the price break down the $1.07 price level.

The price is trading below the 9 periods EMA and 21 periods EMA, the two EMA are distance to each other as an evidence of bearish market. The relative strength index period 14 is at 37 levels with the signal line pointing downside indicating a sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.