A break-up or break-down is imminent.
Patience is needed for a bullish movement before taking a long position or a bearish movement before taking a short position.
EURUSD Weekly Price Analysis – April 23
If the support level is broken the market will depreciate to a low at a $1.11 price level.
Resistance levels: $1.2500, $1.3000, $1.3500
Support levels: $1.2000, $1.1500, $1.1000
EURUSD Long-term trend: Ranging
EURUSD is ranging in its long-term outlook. Price is in a sideways trend zone. The pair is currently trading between the levels of $1.38 and $1.11
Today’s daily open candle at $1.20 in the support area which is bearish returns the cryptocurrency back within the range.
Meanwhile, the price of EURUSD is in the overbought region of the daily stochastic around level 94%. This indicates that the price is in a bearish momentum and a sell signal.
EURUSD Medium-term Trend: Ranging
Analyzing the chart above we can see that the pair is in a range-bound market in its medium-term outlook.
The 4-hour market opens at $1.20 in the support area within the range.
EURUSD is in consolidation and trading between $1.20 in the upper resistance area and $1.13 in the lower support area of the range. As the price stays below the two EMA’s indicates that bears are in control of the market.
The stochastic signal at level 36% in the oversold region is an indication that buyers may likely remain dominant in the days ahead in the medium-term.
A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur; hence patience is required to allow this to happen before a position is taken.
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