PRESS RELEASE: EURUSD Remains at $1.1299, Expected to Break the Trend Line and Rally Towards $1.1360 Price Level

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PRESS RELEASE: EURUSD Remains at $1.1299, Expected to Break the Trend Line and Rally Towards $1.1360 Price Level
April 16, 2019

EURUSD Price Analysis – April 15

The EURUSD remains at $1.1299 expected to break the trend line and rally towards $1.1360 supply level. Should the bears defend $1.1299 demand level; the currency pair will experience a pullback towards the demand level at $1.1237.

EUR/USD Market

Key levels:

Supply levels: $1.1360, $1.1428, $1.1506

Demand levels: $1.1299, $1.1237, $1.1181

EURUSD Long-term trend: Bullish

EURUSD resumed bullish trend on the daily chart. After the Bears bottomed the currency pair second time at $1.1181 price level, the bullish reversal candle pattern formed called bullish engulfing. The Bulls increased their momentum and the EURUSD price was pushed up to break $1.1237 price level. Further increase of bullish pressure broke up former resistance level of $1.1299 on April 12. EURUSD is currently exposed to the supply level of $$1.1360.

EURUSD Daily chart, April 15

EURUSD is crossing over the 21 periods EMA and 50 periods EMA; that is the currency pair is directly on the two EMAs while 50 EMA is above the 21 periods EMA, this connotes the bullish trend gradually establishing. Meanwhile, the Stochastic Oscillator period 14 is at 50 levels pointing to the north which connotes strong bullish momentum and buy signal. The EURUSD remains at $1.1299 expected to break the trend line and rally towards $1.1360 supply level. Should the bears defend $1.1299 demand level; the currency pair will experience a pullback towards the demand level at $1.1237.

EURUSD medium-term Trend: Bullish

EURUSD is still on the bullish movement on the medium-term outlook. The bullish momentum raised the price from the demand level of $1.1188 to $1.1299 within the period of twelve days. The price level of $1.1299 is broken up and the currency pair started consolidating above the mentioned level.

EURUSD 4-hour chart, April 15

Unless the drawn trend line is broken up the bullish trend will continue, otherwise, the price will pull back to retest the broken level.

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