EURUSD Price Analysis – June 17
EURUSD price may reach the previous low of $1.1124 demand level provided the demand level of 41.1181 does not hold the price. Should the level of $1.1181 holds, the price may reverse.
Supply levels: $1.1237, $1.1299, $1.1349
Demand levels: $1.1181, $1.1124, $1.1072
EURUSD Long-term trend: Bearish
EURUSD is bearish on the long term outlook. The Bulls could not continue their bullish trend again after the retracement that took place on June 10 at $1.1349 supply level. The Bulls lost the momentum and a bearish engulfing candle pattern formed at the same level on June 12. The $1.1299 and $1.1237 levels were a broke downside with the strong bearish candles. The EURUSD is exposed to the demand level of $1.1181. Today, the Bulls were initially in control of the market but towards the closing of the market the Bears prevailed; thus, the daily candle turned to inverted pin bar.
The EURUSD price is currently trading below the 50 periods EMA and 21 periods EMA in which the latter is making attempt to cross the former downside. The Stochastic Oscillator period 14 is above 50 levels and the signal lines pointing down to indicate a strong sell signal. EURUSD price may reach the previous low of $1.1124 demand level provided the demand level of $1.1181 does not hold the price. Should the level of $1.1181 holds, the price may reverse.
EURUSD medium-term Trend: Bearish
On the medium-term outlook, EURUSD is bearish. The bullish broke out at the $1.1181 level, pushed up the EURUSD price to the supply level of $1.1349 level on June 07. The pair observed a pullback and retested the previous high but unable to break up the $1.1349 level. The Bears prevailed over the Bulls and the price declined towards $1.1181 level.
The stochastic Oscillator period 14 is at the oversold level and the signal lines pointing up to indicate a buy signal.
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