EURUSD Buyers Are Seeking Out More Bullish Opportunities

EURUSD Analysis – Buy Traders Are Setting up a Campaign Toward the 1.09500 Key Zone

EURUSD buyers are seeking out more bullish opportunities as they now aim for further milestones. The bulls are setting up their campaign for a stronger ride following the short hindrance caused by sellers. Buyers’ buying power has extended above the 1.08600 market zone in the previous week. At this point, the bulls have decided to hold their trend above this key zone before selling interception. A pullback has been observed, and buyers are becoming more sentimental as they prepare for more buildup. An increase in the pace of buying will further affect the price structure this week.

EURUSD Key Zones

Resistance Zones: 1.09500, 1.08600
Support Zones: 1.0000, 0.96980

The bulls have kept charging after fighting their way out of the bearish trend phase last year. Close to the end of the year 2022, the buyers picked up price momentum from the support level of 0.96980. The bearish trend, which has been descending for a long season, came to an end at this level. The buyers’ intercept against the selling trend gave more opportunities for a buy setup as the parity level was broken. Above the $1.0000 key zone, the buy traders continue to place more orders on the EURUSD price.

The buying strength seen on the daily chart is still bound to continue. The Chaikin Money Flow (CMF) shows price direction as the bulls still seek more opportunities for buying strength. The signal line of the MACD (Moving Average Convergence) indicator is still on a positive trend as buyers still hold power on the daily chart. The buyers are therefore seeking out buying opportunities as the price prepares to break beyond the significant 1.09500 level.

Market Expectations

On the 4-hour chart, there has been a lot of buying attempts toward the 1.09500 significant level. This shows that buyers are still looking for more opportunities to buy in the market. As this week’s trade continues to progress, investors may supply enough strength to push beyond the 1.09500 key zone.

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.