EURUSD Buyers Target a Breach of the 1.09220 Key Level
EURUSD buyers maintain bullish momentum as they eye a break above the 1.09220 level. The buyers have sustained their buying strength, pushing the price up to the 1.09220 key level, and are determined to break through this resistance. They only grew stronger after resolving the sell-off at the significant level of 1.06050, and their momentum has continued to build.
EURUSD Key Levels
Resistance Levels: 1.09220, 1.09780
Support Levels: 1.07370, 1.06050
Close to the end of June, the buyers were able to push the price up from the 1.06050 key level, and just a week ago, the Euro price strengthened, surging past the 1.07980 significant level. Following a retest at this market zone, the buyers have continued their upward trajectory, now focusing on breaking through the 1.09220 price level.
Below the 1.09220 market area, the buyers are losing momentum, and while a breakout is still anticipated, the Momentum indicator has currently reached its peak. This is evident on trading platforms.
The RSI (Relative Strength Index) indicator is still advancing as the buyers continue their efforts, but on a shorter timeframe, a pullback is already being observed.
Market Expectation
The sellers are preparing to swing the price from the 1.09220 key zone, but the bullish market sentiment remains unfazed. The Momentum indicator is already set to decline in the lower timeframe, and the same goes for the RSI indicator, indicating a potential temporary pullback in the market.
The ability of the buyers to maintain their momentum and successfully breach the 1.09220 resistance level could be a significant catalyst for the currency pair’s future performance. Forex signals can provide further insights into these market movements.
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