Published:  June 19, 2019 6:55 pm est
Harish Shahi Contributor Commodities Market Analysist Writer

by Harish Shahi,
Contributor
NewsmovesMarketsForex

EURUSD Rates by TradingView

 It has been a quite a while since the EUR USD have  been eyeing these possible yearly lows with perfect demand and supply level where it is trading in a downtrend channel pattern.   Investors  are clearly witnessing multiple whipsaws price actions towards the south side and the pair is making successively lower lows and lower highs.

In the last week Traders have witnessed strong bullishness momentum from 1.1125 to 1.1347; whilst the market sentiment has clearly appeared trending in a bearish short term trajectory and now the EUR USD setting up in consolation mode. But it appears that the current buying is not but the profit booking or we can say that correction was going on. But after touching the upper line of downtrend channel we have seen a steep downfall in the pair where it is again heading towards south side.

A very balanced demand and supply is going on from long term prospective. As pair is trading and moving between the long term downtrend channel where at the bottom line we should buy and at the upper line we should sell. Presently the pair has arrived near the upper line and even it started to get the bearish momentum due to which we have seen reversal candlesticks like shooting star and bearish marabuzo candlesticks on the daily chart.

The way bears are reacting it seems like blood bath is going on and we may see further selloff so traders and investors are advised to go for short in the pair and work on strict stop loss of 1.1350 as market has fallen too much so it may reverse at anytime, however it seems like 1.1000 is the unfinished target. A daily closing below the 1.1100 level will open the way towards the 1.1000 and furthermore. Further weakness is still awaited and seems like it is on the cards.

Odds are in favor of bears

Odds are in favor of bears. We will keep our bias as bearish on the pair as long as 1.1350 level remains. The pair could face the next support at 1.1100 ahead of 1.1000. On the upside, resistances align at 1.1350 and 1.1400. A bearish crossover on MACD indicator is favoring the bears and providing us bearish signal for the time being. RSI arrived in the negative territory i.e. below 50 level, which is supporting the bears.

 

 

EURUSD Bears are receiving supply pressure from upper line of downtrend channel June 19 2019
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