EURUSD Price May Break Up $1.06 Price Level, $1.07 Level May Be Reached

Updated:

EURUSD Price Analysis – May 23

Should the Bulls defend the support level of $1.04, the price may increase to test the resistance level of $1.06 which may extend to $1.07 and $1.08 levels. In case the bears break down the support level of $1.04, the price may reach $1.02 and $1.01.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.04, $1.02, $1.01

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long term outlook. A few weeks ago, the bears dominated the EURUSD market to the extent that there was little or no provision for the Bulls. The bearish momentum pushed down the price to the low support level of $1.02. A bullish reversal candle pattern called “bullish engulfing” emerged. The bull’s pressure is increasing and the price is heading towards the resistance level of $1.06.

The two EMAs were penetrated upside by the bulls’ pressure and the price is trading above the 9 periods EMA and the 21 periods EMA. Should the Bulls defend the support level of $1.04, the price may increase to test the resistance level of $1.06 which may extend to $1.07 and $1.08 levels. In case the bears break down the support level of $1.04, the price may reach $1.02 and $1.01. The Relative Strength Index period 14 is at 50 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 currency pair found support at $1.02 level on 12 May. The bulls’ pressure pushed up the price to test and break up $1.04 resistance level.  The just mentioned level could not hold the price. It is targeting $1.06 level at the moment.

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 67 levels with the signal line pointing up which 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.