EURUSD Near Term Range May Recover Upside Momentum Beyond 1.1250 Level

EURUSD Price Analysis – June 22

The EURUSD pair is exchanging a bunch of pips beyond the 1.1200 level, barely higher daily. Currencies are in a wait-and-see position amid a meager macroeconomic calendar and minor action in the stock markets. Even though EURUSD is now looking to expand the recovery even farther north of the level 1.1250 there is potential for more vulnerability.

Key Levels
Resistance Levels: 1.1495, 1.1422, 1.1366
Support Levels: 1.1200, 1.0950, 1.0635
EURUSD Long term Trend: Bullish
The EURUSD currency exchange rate bounced off the support at 1.1168 level during EUROPEAN trading hours early Monday. It led to an increase in a surge that had attained beyond the 1.1220 level by the middle of the day’s trading. In the wider context, the entire downtrend from 1.2555 (high) level may still be in advancement as long as 1.1495 resistance level holds.

The next goal is to level 1.0339 (low). Nevertheless, a continuous breach of 1.1495 level may claim that such a downward trend is over. Then, an increase from level 1.0635 may be seen as a third phase of the pattern from level 1.0339. In this scenario, the trend may be altered bullish to 1.2555 level.
EURUSD Short term Trend: Ranging
At this level, the intraday bias in EURUSD stays on the sideways. The decline from a short-term top level of 1.1422 is advancing at 1.1146 level for a 38.2 percent retraction from 1.0635 to 1.1422 levels. The level was projected to test the region of resistance situated from 1.1226 to 1.1257 levels shortly.

A continuous breach there may assert that a total recovery from 1.0635 level has been finalized, bringing a wider decline to a retraction of 61.8 percent at 1.0950 level. On the upside, a breach of 1.1366 minor level of resistance should then shift bias back to the upside at 1.1422 level.

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results