EURUSD Price Analysis – June 10
Further increase in the Bulls’ after the retracement will result in a further increase in the EURUSD price which may reach $1.1358 level.
Supply levels: $1.1358, $1.1428, $1.1502
Demand levels: $1.1237, $1.1299, $1.1181
EURUSD Long-term trend: Bullish
On the long – term outlook EURUSD is bullish. Throughout last week the currency pair is very much bullish to the extent that the former supply levels of $1.1181, $1.1237 and $1.1299 were all penetrated upside and the price was pushed up towards $1.1358 supply level. Today, the daily candle formed is bearish; a sign of price retracement to the broken level before the continuation of the bullish trend. The bulls may resume the uptrend movement after the pullback.
The EURUSD price has crossed over the two EMA, it is trading above the 50 periods EMA and 21 periods EMA in which the latter is making attempt to cross over the former. The Moving Average Convergence Divergence period 12 with its histogram is above zero levels and the signal lines crossed each other and pointing up to indicate a strong buy signal. Further, increase in the Bulls’ momentum after the retracement may result in further increase in the EURUSD price which may reach $1.1358 level.
EURUSD medium-term Trend: Bullish
On the medium-term outlook, EURUSD is bullish. EURUSD is moving upward after a periodic pullback and it is making higher highs on the 4-hour chart. On June 07, EURUSD price reached $1.1349 price level. Further increase in price was rejected by the Bears and the price pulled back to retest the broken level of $1.1299. As at the moment, the price has resumed the bullish trend with the formation of the bullish engulfing candle at $1.1299 level.
EURUSD is trading above the 21 periods EMA and 50 periods EMA. The Moving Average Convergence Divergence period 12 with its histogram is above zero level and its signal line pointing up to indicate further increase in price.
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.