EURUSD Bearish Seasonal Trend Is Declining

EURUSD Analysis – EURUSD Bearish Seasonal Trend Is Declining Near the 1.08800 Significant Level

EURUSD bearish seasonal trend begins to decline near a crucial level of 1.08800. The market has already started to show a bearish tendency, and it is almost close to its end. The bulls are now willing to engage the price, thereby changing the price influence in the market. The current trend movement shows price rejection around the 1.08800 market level, which is anticipated to reverse the trend. When the bull’s strength increases, there will be a swift change in the market’s tendency.

EURUSD Market Levels

Resistance Levels: 1.22600, 1.16800
Support Levels: 1.11200, 1.08800
The bears have long been adding pressure to the market, contributing to the bearish display currently being experienced in the EURUSD market. The bears controlled the price influence right from the start of the convention at the 1.22600 significant level. Since the buyers failed to push the price influence beyond this point, the buyers’ pressure collapsed, thereby giving the sellers a solid edge to manipulate the market. The bear convention progresses as the market breaks through the 1.16800 market level.

There appears to be price consolidation below this level, as the buyers have also made their attempts at this market phase. When the Moving Average indicator gave a golden cross in the recent trade, the beard continued to plunge downward, thereby breaking through the 1.11200 level. Nevertheless, as the sellers continued to drop the price, the trend started to lose momentum. The RSI (Relative Strength Index) indicator shows a price signal reaching the oversold region. This, however, indicates the seller’s readiness not to go beyond this level.

Market Expectations

The RSI indicator on the 4-hour chart already shows a price signal to pick up the bull’s strengthening market. The bulls are now ready to trade price movements in their direction. A bull takeover is inevitable in the market as long as the bears keep losing strength due to rejection near the 1.08800 price level. Therefore, an intense withdrawal is expected near the 1.08800 market level before the bears take over the gain.

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