EURUSD Analysis – Bulls Defend the 1.08580 Key Level
EURUSD seeks balance above the 1.08580 key level. The buyers have been eager to defend this key level, causing a potential for bullish activity and a return to the 1.10580 significant zone.
The market has been volatile since June when buyers surged in and pushed the price up from the 1.06780 key level. However, the buyers were unable to gain more ground and sustain their bullish momentum, resulting in a sell trend back to the 1.08580 key level.
EURUSD Important Levels
Resistance Levels: 1.10580, 1.08580
Support Levels: 1.06780, 1.05250
Analyzing the market, it appears that the buyers are still confident in the market, despite the volatility. This is evidenced by their persistent actions in defending the 1.08580 key level, hinting at a possible return to the 1.10580 significant zone. This could be the result of the buyers believing that the market is in a good position to make a return to the 1.10580 significant zone.
However, with the market being so unpredictable, it is important to keep an eye on the current price levels to ensure that the buyers do not lose their bullish momentum. The buyers have successfully defended the 1.08580 key level against a breakout, which is a great sign for the stability of the price action.
The price action is currently reacting to the middle level of the Bollinger Band and if the buying momentum continues to intensify, the price could rebound from this level and push even further.
Market Expectation
In the short time frame, the price is still fighting for stability, and this period could still be seen as a period of less intensity, as the RSI (Relative Strength Index) is currently at the middle level. The suggests that the price is behaving in a stable manner above the 1.08580 key level.
However, it is important to note that this stability is not guaranteed to last. If the buyers fail to defend the 1.08580 key level, the price could easily break down and fall significantly. Therefore, buyers need to remain vigilant and monitor the price action closely.
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.
Leave a Reply