EURUSD Price Analysis – April 8
Further increase in the bullish momentum will break up the $1.1299 price level to expose the currency pair to 41.1360 price level. There is a probability that EURUSD price may reach $1.1428 in case the Bears do not oppose the bullish movement.
Supply levels: $1.1299, $1.1360, $1.1428
Demand levels: $1.1237, $1.1181, $1.1122
EURUSD Long-term trend: Bearish
EURUSD continues its bearish trend on the daily chart. The bearish momentum continues and extended towards the demand level of $1.1181 to form a “Double bottom” chart pattern. As it was predicted last week; the demand level of $1.1181 did hold and the price bounced at the level with the formation of a doji morning star candle pattern. Doji morning star is a bullish reversal candle pattern; this led to the penetration of the $1.1237 price level.
EURUSD Daily chart, April 8
EURUSD is currently facing a $1.1299 supply level. The currency pair is below the 21 periods EMA and 50 periods trying to cross the two EMAs upside as a confirmation of the bullish movement. The Moving Average Convergence Divergence period 12 with its histogram gradually fading away below zero level and the signal line pointing up to indicate buy signal. Further increase in the bullish momentum will break up the $1.1299 price level to expose the currency pair to 41.1360 price level. There is a probability that EURUSD price may reach $1.1428 in case the Bears do not oppose the bullish movement.
EURUSD medium-term Trend: Bullish
EURUSD is on the bullish movement on medium-term outlook. There was sideways movement after the price bottomed at the demand level of $1.1181. The Bulls pushed the currency pair to break up $1.1237 price level and the dynamic resistance level of 21 and 50 periods EMA.
EURUSD 4-hour chart, April 8
The price is already above the two EMAs as a confirmation of the bullish trend. The histogram of MACD is above zero levels and the signal lines point up to indicate buy signal.
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