EURUSD Is Set to Rebound in Consolidation

EURUSD Analysis – Price Is Set to Rebound at a Significant Key Level

EURUSD is set to rebound at a significant level as the market continues to consolidate. As the market continues to consolidate, the EURUSD is expected to make a significant rebound. The market is still in a range, as pressure remains between the bulls and bears. Before reversing, the EURUSD reached a high of 1.22600, a significant key level. This allowed the bear to gain control as the market continued to fall in its liquidity run before consolidating.

Significant Key Levels

Resistance Levels: 1.22600, 1.21500
Support Levels: 1.19300, 1.16700
Before the market’s expansion, EURUSD first began to consolidate between the 1.19300 and 1.16700 significant key levels. There was an accumulation between these levels before a bullish ride occurred to the 1.21500 significant level. The price, however, rebounded at this level before heading towards the 1.22600 significant key level. EURUSD then drops as the bears take over the market. As the bearish trend continues, there was a rebound between the significant levels of 1.21500 and 1.19300.

However, there was a sharp reversal close to the 1.16700 significant level, and the price then rallied back to the 1.22600 significant level. The price is consolidating between the significant levels of 1.19300 and 1.16700. As the price continues to accumulate, we, therefore, expect a breakout either way. The Parabolic SAR (Stop and Reversal) displays dots above the candle as the market is set to rebound to a 1.16700 significant level.

Market Predictions

On the 4-hour chart, the market is continuing in a consolidation. The market is set to rebound at the 1.16700 significant key level. When the price reaches this level, we anticipate a reversal as the bull steps into the market. (The MACD Moving Average Convergence and Divergence indicator) displays the price signal below the 0.00 level. This indicates a bearish movement, which is also about to come to an end. The price is, therefore, expected to rebound at 1.16700 before the bulls set in.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.