EURUSD Continues Surging Downward

EURUSD Analysis – Price Continues Surging Downward to the 1.15300 Significant Level

EURUSD continues surging downward to the 1.15300 significant level. The market is currently trading near a support zone and the price is set to continue lower when the momentum shoots up. The bears have been holding their bearish position for a long time and the price is set to continue in that movement also. EURUSD, having pulled back to 1.16700, is now coming down to the support level of 1.15300.

EURUSD Significant Key Levels:

Resistance Key Levels: 1.19900, 1.19100
Support Levels: 1.16700, 1.15300
For quite some time, the EURUSD has been bearish. However, the market remains bearish even during the consolidation phase. Since July, the price has been rapidly declining. When the price falls, the bulls try to regain control by causing a pullback to occur. However, as bearish sentiment grows, the bulls’ grip on the market weakens.

EURUSD, having engaged in various significant levels, is seen surging down after ranging between the 1.1900 and 1.16700 significant price levels. The bears then broke solidly downward to more price levels before a retest finally occurred at the 1.16700 price level. The price is expected to fall to and even break through the support zone. As the price takes a bearish turn, the Stochastic Oscillator crosses downward also.

Market Expectations

On the 4hour chart, the bears draw price movement with solid momentum. The market ran with strong liquidity close to the 1.15300 significant level before trying to pull back. The Parabolic SAR (Stop and Reversal) displays dots above the market as it surges down. The bulls are therefore seen trying to cause a pullback before the sellers continue their phase. However, with enough momentum strength, the price will eventually break the 1.15300 key level or the market will eventually make a reversal.

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