EURUSD Price Analysis – June 24
EURUSD price has touched the upper drawn trend line, which may reverse the price in case the Bulls has no enough momentum to break it up.
Supply levels: $1.1428, $1.1502, $1.1560
Demand levels: $1.1349, $1.1299, $1.1237
EURUSD Long-term trend: Bullish
EURUSD is bullish on the long term outlook. EURUSD was descending down towards the demand level of $1.1124 after the broken down of the $1.1237 price level. The Tweezer bottom candle pattern formed which is a bullish reversal candle pattern; this candle pattern increased the bullish momentum and the price soared to the north, this is clearly seen on the daily chart with the formation of strong bullish candles that penetrated the $1.1237, $1.1299, and $1.1349 price level. Today, another bullish candle opened the EURUSD market pushing the price towards the supply level of $1.1428.
The EURUSD price has broken up the two EMAs and it is currently trading above the 21 periods EMA and 50 periods EMA in which the former has crossed the later upside. The Stochastic Oscillator period 14 is at 75 levels and the signal lines pointing up to indicate a strong buy signal. EURUSD price has touched the upper drawn trend line, which may reverse the price in case the Bulls has no enough momentum to break it up.
EURUSD medium-term Trend: Bullish
On the medium-term outlook, EURUSD is bullish. EURUSD price has formed an ascending channel on the 4-hour chart. The currency pair touched the lower trend line of the channel on June 18 and the price bounced at the level and rallied towards $1.1428 supply level after passing through the barrier at $1.1299, $1.1349 levels. The price has touched the upper trend line and the price may reverse.
The stochastic Oscillator period 14 is above 75 levels (overbought level) and the signal lines pointing down to indicate a sell signal.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.