EURUSD Price Analysis – July 08
The market closed with the price below $1.1237 level. EURUSD is heading towards the demand level
Of $1.1237 and this may be its target provided the Bulls do not interrupt
Supply levels: $1.1237, $1.1299, $1.1349, $1.1428
Demand levels: $1.1185, $1.1119,
EURUSD Long-term trend: Bearish
On the long term outlook, EURUSD is bearish. EURUSD has been trading within an ascending channel for many weeks. The price had a rejection at $1.1349 supply level on July 01. The bearish momentum was strong, The former demand level of $1.1299 was broken down and the price headed towards the demand level of $1.1237. The bearish momentum increased and the level was penetrated. Last week, the market closed with the price below $1.1237 level.
Today, the daily bearish candle emerged pushing the price down towards the demand level of $1.1299. The EURUSD price is moving farther away from the 21 periods EMAs and 50 periods EMA, the price is below the two EMAs which indicate strong bearish momentum. The Stochastic Oscillator period 14 is at 30 levels and the signal lines pointing down to indicate sell signal. EURUSD is heading towards the demand level of $1.1237 and this may be its target provided the Bulls do not interrupt.
EURUSD medium-term Trend: Bearish
On the medium-term outlook, EURUSD is bearish. EURUSD broke out of the ascending channel at the lower trend line of the channel. The former demand level of $1.1237 level is penetrated down side and the price facing the demand level of $1.1185.
The stochastic Oscillator period 14 is below 25 levels and the signal lines bending down which indicates further decrease in EURUSD.
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