EURUSD Oversold Conditions Trigger Bounce Towards 1.1900

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EURUSD Price Analysis – June 21

On Monday, the single currency sheds some of its recent losses, bringing EURUSD back to within striking distance of the 1.1900 barriers. The oversold conditions triggered a bounce at the sub 1.1900 level given the significant Fed-induced selloff that has been in place since late last Wednesday, EURUSD starts the week on a better platform.

Key Level
Resistance Level: 1.2050, 1.1952, 1.1900
Support Level: 1.1800, 1.1740, 1.1704

EURSD Long term Trend: Ranging
On the daily chart, the EURUSD rises from the 1.1847 level, which is supported by the ascending trendline, and in the event of a pullback, the exchange rate is likely to find support lower at 1.1800. In the larger view, the EURUSD remains constructive while trading above the crucial horizontal barrier of 1.1870.

However, ahead of the current price, the EURUSD faces a difficult resistance in the 1.1952 zones. The comeback from the 2021 lows near 1.1704 (Mar. 31) is consistent with the pair’s longer-term positive outlook. On the downside, the following support levels are at 1.1602, and finally the low of 1.1422.
EURUSD Short term Trend: Bearish
On the four-hour chart, the EURUSD has been struggling to rebound from the lower end of the chart, and currently trades at 1.1891. The Relative Strength Index is below 30, indicating that the market is not out of the oversold region and that more losses are possible.

The next level of resistance for the pair is around 1.1900, which has restricted its price, while more movement beyond the 1.1900 and 1.1927 levels is expected. The low of 1.1800 provides some support, followed by 1.1704 levels, a swing low from last March 31. The 1.1602 level provides a larger cushion.

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