EURUSD Price Analysis – July 29
There is a tendency for the price to reverse at the demand level of $1.1119 in case the Bulls defend the level. Should the Bears exert more pressure, the level may give way and the price decrease further to $1.1035 level
EUR/USD Market
Key Levels:
Supply levels: $1.1185, $1.1237, $1.1299
Demand levels: $1.1119, $1.1035, $1.0924
EURUSD Long-term trend: Bearish
EURUSD is bearish on the long term outlook. On the daily chart, the Bears increased their momentum, pushed the pair to the demand level of $1.1185. The Bulls could not defend the demand level of $1.1185. A strong bearish candle was produced and break down the just mentioned demand level, the price then decreased down to the demand level of $1.1119. Today’s market opened with a daily bullish candle.

EURUSD continue trading below the 21 periods EMA and 50 periods EMA at a farther distance to each other which connotes strong bearish momentum in the EURUSD market. There is a tendency for the price to reverse at the demand level of $1.1119 in case the Bulls defend the level. Should the Bears exert more pressure, the level may give way and the price decrease further to $1.1035 level. Meanwhile, the Stochastic Oscillator period 14 is below 20 (oversold level) 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 bearish momentum pushed the pair to reach the demand level of $1.11195 on July 25, followed the downtrend was the formation of the strong massive bullish candle which pushed the price back to retest the broken level of $1.11854; this could be a result of fundamental events. A further increase was resisted at the $1.11854 and the price descended back to the $1.11195. The price is currently moving up trying to break up the dynamic resistance of 21 periods EMA.

The stochastic Oscillator period 14 is above 25 levels and the signal lines pointing up which indicates buy signal and increase in price.
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