EURUSD Buyers Extend Bullish Trend
EURUSD buyers extend their winning streak, eyeing a break above the 1.09120 resistance level. The currency pair has been witnessing a strong buying trend, with buyers showcasing their resolve and strength by maintaining dominance above the 1.07960 significant level. Buyers have regained their confidence in the past few weeks after sellers had previously pushed the price down to the 1.06630 significant level.
EURUSD Significant Levels
Resistance Levels: 1.09790, 1.09120
Support Levels: 1.07600, 1.06050
Above this level, it was a tough battle for traders before buyers eventually emerged victorious. The bulls have managed to move beyond the 1.07600 price level and are now aiming their sights towards the 1.09120 market area. This level has proven to be a challenge for buyers on multiple occasions, but a successful breach of this resistance could provide the euro with strong upward momentum.
The Moving Average Crossing has shifted control to the buyers, pushing sellers out of the equation. While the Momentum indicator has shown a drop, buyers remain confident in the overall bullish flow as seen on trading platforms.
Market Expectation
In the shorter time frame, buyers are still focused on pushing the price higher, despite the slight drop in the Momentum indicator. The Moving Average Crossing is still spreading, further reinforcing buyers’ control over the market.
A successful breach of this level could provide the euro with strong upward momentum, leading to further gains in the currency pair. Using forex signals can offer additional insights and strategies for navigating this bullish trend.
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