EURUSD Price Analysis – July 01
EURUSD price has penetrated $1.1299 level, targeting the demand level of $1.1237 provided the 50 periods EMA is penetrated.
EUR/USD Market
Key levels:
Supply levels: $1.1299, $1.1349, $1.1428
Demand levels: $1.1237, $1.1185, $1.1119
EURUSD Long-term trend: Bullish
EURUSD is bullish on the long term outlook. EURUSD price action has formed an ascending channel on the daily chart. The price has been bouncing up to the upper trend line of the channel and bouncing down to the lower trend line of the channel. The Bulls still holds the market as long as the price is above the two EMAs. Last week market closed consolidating above the supply level of $1.1349. Today, the bears broke down the $1.1349 and $1.1299 levels with strong momentum. The price is heading towards the demand level of $1.1237.
The EURUSD price has broken down the 21 periods EMAs, targeting 50 periods EMA. It is currently trading in between the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is below 75 levels and the signal lines pointing down to indicate sell signal. EURUSD price has penetrated $1.1299 level, targeting the demand level of $1.1237 provided the 50 periods EMA is penetrated.
EURUSD medium-term Trend: Bearish
On the medium-term outlook, EURUSD is bearish. On June 25, EURUSD price was heading towards the supply level of $1.1428 but could not reach the mark before it was interrupted by the Bears with the formation of the bearish engulfing candle at the upper trend line of the channel. The price pulled back to the $1.1349 price level. It consolidated for some time at the same level. The price dropped below the price level of $1.1299.
The stochastic Oscillator period 14 is below 20 levels (oversold level) and the signal lines trying to bend up which indicates that the Bulls may take over soon or there may be a pullback.
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