EURUSD Buyers Need Strong Footing

EURUSD Analysis – Bearish Activity is Currently Slowed Down

EURUSD buyers need strong footing. Buyers in the EURUSD market are facing the challenge of needing a stronger foothold to assert themselves. The sellers have been a considerable threat, causing a slowdown in the buyer’s movement. However, there have been recent attempts by buyers to establish a more solid position. They also need to aim for a breakout above the significant level of 1.06980.

EURUSD Key Levels

Resistance Levels: 1.12910, 1.09540
Support Levels: 1.07690, 1.04400

The Euro market currently exhibits a price tendency where buyers and sellers are in contention for a breakout. An encouraging sign for buyers is the Moving Average crossing on the daily chart. It suggested a crossover in favor of the bulls.

This suggests that buyers are working to slow down the bearish momentum. This week, if buyers can persist in their efforts, we might witness a push in the price. This will likely move beyond the 1.06980 significant level.

The Moving Average Convergence and Divergence (MACD) indicator is also showing signs of a return to bullish strength. The signal line is on its way to surpassing the 0.00 significant level. This indicates that buyers are gearing up to compete in the market, even in the face of the seller’s demonstration.

Market Expectation

In this market setup, patience is key for traders. Both buyers and sellers are currently contending for a strong move on the 4-hour chart. Monitoring the Moving Average crossover and the MACD signal line will be essential to gauge the market’s direction and the potential for a breakout. The battle between buyers and sellers continues, and the market’s next move remains uncertain.

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.