EURUSD Price Analysis – April 22
EURUSD may touch the drawn trend line before the continuation of the bearish trend. Should the bears defend $1.1299 price level; the currency pair will experience a pullback towards the demand level at $1.1237.
Supply levels: $1.1299, $1.1360, $1.1428
Demand levels: $1.1237, $1.1181, $1.1122
EURUSD Long-term trend: Bearish
EURUSD turned bearish trend on the daily chart. EURUSD was bullish last week to the extent that the bullish momentum broke up the $1.1299. The bears quickly reacted against the increase in EURUSD price by pushing down the bullish candle to $1.1299 level. The currency pair consolidated for three days at the same level. On April 18, the price dropped drastically to the $1.1237 price level by the Bears’ pressure.
EURUSD has been pushed down below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 50 levels with the signal lines bending down which connotes sell signal and a further reduction in EURUSD price. EURUSD may touch the drawn trend line before the continuation of the bearish trend. Should the bears defend $1.1299 price level; the currency pair will experience a pullback towards the demand level at $1.1237.
EURUSD medium-term Trend: Bearish
EURUSD is on the bearish movement on the medium-term outlook. EURUSD consolidated at $1.1299 level for more than five days. On April 18, the Bears gained pressure and a big bearish candle emerged that dropped the price down to the demand level $1.1237. The bullish momentum is currently returning the price towards the dynamic resistance levels.
Meanwhile, the Stochastic Oscillator period 14 is at 60 levels with the signal lines pointing upside to indicate buy signal which may be a retracement. Unless the drawn trend line is broken up the bearish trend will continue. Nevertheless, a pullback is inevitable in the EURUSD market.
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