EURUSD Price Analysis – July 15
There is a possibility for the price reversal at $1.1237 level should the Bulls intensifying their pressure and the price may reach $1.1299 – $1.1349 level.
Supply levels: $1.1299, $1.1349, $1.1428
Demand levels: $1.1237, $1.1185, $1.1119,
EURUSD Long-term trend: Bullish
EURUSD is bearish on the long term outlook. There was a bearish breakout from the ascending channel at $1237 demand level on July 05. The bearish momentum extended towards the low level at $1.1185. At the just mentioned level, a bullish reversal candle pattern formed called Bullish Engulfing. EURUSD price was propelled up towards $1.1299 level but unable to reach the mark, it was resisted at the dynamic resistance levels.
Today, the EURUSD market initially started with a bullish candle and the price moved up to break up the dynamic resistance level. Later, the Bears prevailed over the Bulls and the price is declining. The price is between the 21 period EMA and 50 periods EMA. There is a possibility for the price reversal at $1.1237 level should the Bulls intensifying their pressure and the price may reach $1.1299 – $1.1349 level. Meanwhile, the Stochastic Oscillator period 14 is above 20 levels with the signal lines pointing up to indicate a buy signal.
EURUSD medium-term Trend: Ranging
On the medium-term outlook, EURUSD is ranging. After the breakout from the ascending channel, the pair descended to reach the demand level at $1.1185. The Bulls rejected further decrease in price and the price reversed, broke up the $1.1237 level and started consolidating around the 21 periods EMA and 50 periods EMA.
However, the stochastic Oscillator period 14 is at 50 levels and the signal lines bending down which indicates a further decrease in EURUSD price and sell signal.
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