EURUSD Continues Bearish Movement Due to Price Rejection

EURUSD Analysis – Price Continues Bearish Activities Due to Price Rejection at 1.15900

EURUSD continues bearish movement due to the price failing to go higher above the significant price level of 1.15900. Price rejection is seen at the 1.15900 significant price level after the bulls first try to push the market upward. As the bulls were trying to make a pullback, the bears were also trying to keep the market in a downward trend. The sellers will eventually succeed in pushing the price lower down to a 1.15300 significant price level as the market continues to follow a downtrend.

EURUSD Significant Levels

Resistance key Levels: 1.22700, 1.19000, 1.16700
Support Key Levels: 1.19900, 1.15900, 1.15300
The overall market cap trend has been bearish from June as the price is seen dropping lower. The market began its bear’s trend after a reversal at the 1.22700 significant price level. It then begins to drop lower, breaking through significant price levels of 1.19900 and 1.19000. Consolidation in price began and the market begins to range between the 1.19000 and 1.16700 significant price levels. Although still in a bearish trend, the buyers are still trying to move the position of the market forward with little momentum. However, the bear’s strength continues to increase progressively.

After the consolidation between the important key levels, the bears then broke the 1.16700 significant price level downward as a result of the momentum increase. The market went down, breaking other price levels, and a significant pullback was seen around the 1.15300 significant price level. The bulls produced engulfing candlesticks, but the bulls’ rejection is seen above the 1.15900 significant price level. The Stochastic Oscillator shows prices rising to the middle and about to give a cross. As a result of the crossing, the price will tend to go lower because of the rejection at the key level.

Market Predictions

On the 4hour chart, the market appears to be making significant lower lows. The more the bears gain more strength, the price keeps trending lower. However, the bulls are not left out. They keep fighting for their position in the market. EURUSD is seen accumulating a position above the 1.15900 significant price level. The market is therefore expected to continue in its bearish movement. The Stochastic Oscillator indicator displays price movement trending lower. The Parabolic SAR (Stop and Reversal) still displays price movement below the candlestick and is set to reverse. The price will therefore continue to be bearish due to price rejection.

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