EURUSD Price Analysis – July 22
Further increase in the Bears’ pressure will push the pair to the demand level of $1.1185 – $1.1119. In case the Bulls defend the $1.1185 level, the price may soar to the north side.
EUR/USD Market
Key Levels:
Supply levels: $1.1237, $1.1299, $1.1349
Demand levels: $1.1185, $1.1119, $1.1035
EURUSD Long-term trend: Bearish
On the long term outlook, EURUSD is bearish. The currency pair has been experiencing a sideways movement in the daily charts for two weeks. The same continued last week as the pair moved within the range of $1.1299 price level and the demand level of $1.1185. The market closed with a strong daily bearish candle below $1.1237 price level last week.
There is a battle between the Bears and the Bulls in the EURUSD market today and that is the reason why the major movement has not been recorded. Also as at the time of writing this report, a Doji daily candle is forming. However, the price remains below the 21 periods EMA and 50 periods EMA. Further increase in the Bears’ pressure will push the pair to the demand level of $1.1185 – $1.1119. In case the Bulls defend the $1.1185 level, the price may soar to the north side. Meanwhile, the Stochastic Oscillator period 14 is at 30 levels with the signal lines pointing up to indicate a buy signal.
EURUSD medium-term Trend: Bearish
On the medium-term outlook, EURUSD is Bearish. The bullish momentum could not push up the pair to reach the supply level of $1.1299, the Bears interrupted the bullish movement and the price reversed. The bearish momentum declined the price towards the former demand level of $1.1237 and the level could not hold the price, it descended towards the $1.1185 level. Today the price has been consolidating below $1.1237 price level.
The stochastic Oscillator period 14 is at 20 levels and the signal lines horizontally flat at the level which indicates that consolidation is ongoing in the EURUSD market.
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