EURUSD bears are still residing on the market and holding the momentum below 1.2000 to 1.1970 area. EURUSD volatility increased below 1.2000 psychological resistance level. What is next? Bears to continue further downside in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s EUR/USD Technical Analysis.
June 29, 2021, | AtoZ Markets – EURUSD is currently trading around 1.1911 area and trying to push lower. After bouncing from 1.1850 to 1.1870 support level, the bulls have regained momentum and pushed the price upside, and reached 1.1970 to 1.2000 resistance area. However, the price had a weekly candle close below 1.2000 to 1.1970 area after an upward retracement. As per the current price action, the price may retrace towards 1.1970 to 1.2000 area again in the coming days.
EURUSD Volatility Increased as the Price May Requires Further Retracement
EURUSD is currently residing near 1.1911 area and trying to push downside. However, the price broke below the dynamic level of 20 EMA on the intraday chart.
Image: EURUSD 4 Hour Chart
According to the 4-hour chart, EURUSD volatility increased and currently trading around 1.1911 area. As per the current price action, if the price can have an impulsive bearish candle close below the Bollinger Bands lower band, the bears may sustain the bearish pressure towards 1.1870 to 1.1850 area in the process. On the contrary, if the price climbs upside and breaks above the Bollinger Bands middle band with a bullish candle, the price may recover higher towards 1.1970 to 1.2000 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Bollinger Bands middle band. So, the dynamic level may act as strong resistance to push the price downward. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process. However, the Bollinger Bands’ lower band is still holding the price as strong support.
EURUSD May Continue Downside
According to the daily chart, EURUSD volatility increased, but the overall momentum is still bearish. As per the current scenario, if the price can have an impulsive daily bearish candle close below the last candle’s low, the bears may sustain the bearish bias towards 1.1870 t0 1.1850 area as a first target. The second target will be 1.1720 to 1.1700 area if the price can break below 1.1870 to 1.1850 support level in the coming days.
Image: EURUSD Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing over the price, which may work as strong resistance to push the price down. Along with this, the Stochastic Oscillator lines are currently residing below the overbought level 80 and gradually sloping downside. It indicates that the bears may continue further downward in the process.
To conclude, as long as the price residing below 1.1970 to 1.2000 resistance area, the bias will remain bearish. An impulsive daily close is needed to identify the definite momentum in the coming days.