EURUSD Rebounds From the 1.2100 Area, Buyers Sustain Positive Bias

EURUSD Rebounds From the 1.2100 Area, Buyers Sustain Positive Bias

EURUSD Price Analysis – June 14

On Monday, buyers appeared to reclaim the upper hand, after EURUSD rebound from the 1.2100 regions continues to sustain positive bias on the pair. The EURUSD has dropped to its lowest levels of the month, but buying sentiment kept the pair positive. Euro has been marching higher with the dollar dragged down by decreasing US bond yields.

Key Levels
Resistance Levels: 1.2350, 1.2266, 1.2150
Support Levels: 1.2100, 1.2050, 1.1985
EURUSD Long term Trend: Ranging
EURUSD began the week’s trade by bouncing around the 1.2100 marks on Monday morning while consolidating gains beyond the 1.2100 mark on the daily time frame, limiting expected bearish potential. As previously said, no negative correction is possible until the recently developed support levels of 1.2100 and 1.2050 are breached.

The gain from the 1.0635 level is considered as the third phase of the trend from the 1.0339 level in the bigger context. The next target for a rally is the cluster resistance level at 1.2350. As long as the 1.1602 support level holds, this could be the preferred situation.
EURUSD Short term Trend: Ranging
In the 4-hour chart, the intraday bias in EURUSD remains in a range, with a target of 1.2150. The continuous split there could confirm the continuance of the rally from 1.0635 and the 61.8 percent anticipated goal of 1.0635 to 1.2011 from 1.1602 to 1.2350.

On the downside, this ranging outlook may reduce the importance of the breach of the 1.2100 minor support level and instead focus on the 1.2050 support level. A decisive move lower might give the bears absolute leverage and worsen the short-term outlook, with the 1.1985 level likely to come back into focus.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.