EURUSD Price Is Testing $1.0457 Support Level Before Bullish Reversal Commence

Updated:

EURUSD Price Analysis – May 09

EURUSD price is testing the previous low of $1.0457 before it commence bullish trend. The breakdown of $1.0457 level will expose the price to $1.0301 and $1.0154 levels.  Should the level of $1.0457 holds, the price may reverse and face resistance level of $1.0669, $1.0773 and $1.0967.

EUR/USD Market

Key levels:

Supply levels: $1.0669, $1.0773, $1.0967

Demand levels: $1.0457, $1.0301, $1.0154

EURUSD Long-term trend: Bearish

EURUSD is bearish on the long term outlook. The currency pair found support at $1.0457 on 28 April. The price bounced to retest the resistance level of $1.0669 but the bears are opposing the bullish movement. The price commences a consolidation around the $1.0669 and $1.0457 levels. The bears and the bulls are at war, however, bulls’ pressure is increasing.

The EURUSD price is currently trading below the 9 periods EMA and 21 periods EMA in which the former is separated from the later.  The relative strength index period 14 is at 38 levels and the signal lines pointing up to indicate a buy signal. EURUSD price is testing the previous low of $1.0457 before it commence bullish trend. The breakdown of $1.0457 level will expose the price to $1.0301 and $1.0154 levels.  Should the level of $1.0457 holds, the price may reverse and face resistance level of $1.0669, $1.0773 and $1.0967.

 EURUSD medium-term Trend: Bearish

On the medium-term outlook, EURUSD is bearish. Shortly after the pair broke down the $1.0669 support level with the aid of bears’ pressure. The currency pair decline to test the support level of $1.0457.  It was pushed up to the resistance level of $1.0669 level. Since then, the pair has been ranging within $1.0669 and support level of $1.0457 up till moment.

EURUSD is trading around the 21 periods EMA and 9 periods EMA. The relative strength index period 14 is at the 54 level and the signal lines pointing up to indicate a buy 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.