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EURUSD Price May Retest $1.22 Price Level Before a Bearish Reversal

EURUSD Price Analysis – April 26

In case the Bulls maintain their momentum and push up the price to break $1.22 levels, then, $1.25 and $1.27 may be its target. In case the bears interrupt the bullish momentum, the price may reverse and face the support level at $1.20, $1.19, and $1.18.

EUR/USD Market

Key Levels:

Resistance levels: $1.22, $1.25, $1.27

Support levels: $1.20, $1.19, $1.18

EURUSD Long-term Trend: Bullish

EURUSD is bullish on the long-term outlook. A couple of weeks ago, the bears dominated the EURUSD market to the extent that there was no provision for the Bulls. The bearish momentum pushed down the price and found support below $1.18 level. A bullish engulfing candle emerges at the mentioned level and the price increases towards the north side. It breaks up resistance level of $1.18, $1.19 and $1.20.

The pair is trading above the two EMAs and the EMAs were distance from each other which indicate that the bulls are holding on to the EURUSD market. In case the Bulls maintain their momentum and push up the price to break $1.22 levels, then, $1.25 and $1.27 may be its target. In case the bears interrupt the bullish momentum, the price may reverse and face the support level at $1.20, $1.19, and $1.18. The Relative Strength Index period 14 is at 70 levels with the signal line pointing down to indicate a sell.

EURUSD medium-term Trend: Bullish

EURUSD is bullish in the medium-term outlook. The bulls interrupted the bearish movement that took place last three weeks in the EURUSD market. The bulls reacted against bearish trend at the support level of $1.16 price level. The price is increasing towards the resistance level of $1.22.

The price is trading above the 9 periods EMA and 21 periods EMA, the former EMA has crossed the later EMA upside. Meanwhile, the Relative Strength Index period 14 is above 50 levels with the signal line pointing downside indicating a sell signal which may be a pullback.

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