XLMUSD Long-term Trend: Bearish
Supply zone: $0.3500, $0.4000, $0.4500
Demand zone: $0.2500, $0.2000, $0.1500
The bears are dominating the stellar market in the long-term. The bulls succeeded in taking price to the $0.3100 supply area but failed to get to the $0.3500 projected previous week. This supply zone is needed to keep the north journey valid. Rejection to the north journey occurred twice at the $0.3100 supply area and this resulted in momentum loss by the bulls. The bears came in strongly and broke the demand area at $0.2800 on June 3rd.
The bears seem to keep the control of the market intact, yet we may see some minor upward moves. These are a necessary pullback as a market correction for further bearish continuation
The week ahead looks good for the bears as they intensify their pressure and presence in the market. Their target in the long-term is $0.2000 but the demand zone at $0.2500 would need to be broken first and retested before achieving this target
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