PRESS RELEASE: EURUSD Approaching Support Level of $1.1181, Potential Reversal

PRESS RELEASE: EURUSD Approaching Support Level of $1.1181, Potential Reversal
April 2, 2019
Crypto Daily Roundup – Apr 2, 2019
April 2, 2019

EURUSD Price Analysis – April 2

In case the demand level of $1.1181 holds and the bulls gather enough momentum, the price will bounce and the trend will change to an uptrend. Otherwise, the downward penetration of $1.1181 demand level will expose the currency pair to $1.1122 price level.

EUR/USD Market

Key levels:

Supply levels: $1.1360, $1.1428, $1.1494,

Demand levels: $1.1181, $1.1122, $1.1072

EURUSD Long-term trend: Bearish

EURUSD continues its bearish trend on the daily chart. On March 8, the currency pair trend bullishly from the bottom level of $1.1181 to the top level of $1.1428. At that level of $1.1428, the bulls could not continue pushing EURUSD price higher; that is it was resisted at the supply level of $1.1428. Big bearish candles emerged that made the EURUSD price fall to the previous low of $1.1181 price level after penetrated downside the barriers at $1.1360, $1.1299, $1.1237 with strong bearish candles.

EURUSD is trading below the 21 periods EMA and 50 periods EMA with distance from each other which connotes the strong bearish momentum in the EURUSD market. Further decrease in the EURUSD price is possible as the Stochastic Oscillator period 14 is below 20 levels (oversold region) with the signal lines bending down to indicate sell signal.

EURUSD Daily Chart, April 2

In case the demand level of $1.1181 holds and the bulls gather enough momentum, the price will bounce and the trend will change to an uptrend. Otherwise, the downward penetration of $1.1181 demand level will expose the currency pair to $1.1122 price level.

EURUSD Short-term Trend: Bullish

EURUSD is on the bearish trend on 4-Hour chart. The price level of $1.1428 serves as the turning point for EURUSD as the bearish candle reversal pattern called Bearish engulfing candle formed at the level which signaled the arrival of the Bears with high pressure. The currency pair fell persistently down to the low of $1.1181.

EURUSD 4-hour Chart, April 2

Further decrease in price is possible as the stochastic oscillator is at 20 levels sharply turning down to indicate sell signal.

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