EURUSD Buyers Push to Regain Bullish Momentum
EURUSD buyers have reclaimed their position above the 1.10350 level, marking a renewed sense of confidence in the market. The currency pair has seen a resurgence of buying activity as the new month begins, but this does not yet confirm a full market reversal, particularly given the Euro’s recent weakness, especially last week.
EURUSD Significant Levels
Resistance Levels: 1.12000, 1.13500
Support Levels: 1.07810, 1.06680
Last week, buyers began pulling out as the price approached the 1.12000 significant level. Although the start of this month shows buyers coming in strong, they only managed to push the price up to the 1.12000 level in August before sell traders drove it back down to the 1.10350 level.
As the new month unfolds, EURUSD buyers are once again stepping in, aiming to drive the price higher. There is potential for a rebound around the middle level of the Bollinger Band indicator, which could support a bullish move.
The RSI (Relative Strength Index) still shows room for sellers to recover, but buyers are demonstrating significant strength with intentions of reversing the recent downtrend. A crossover in the RSI could provide buy traders with an opportunity to push the market upward.
Market Expectation
In the short term, buyers are building a strong defense around the 1.10350 key area. This marks the beginning of a battle for dominance between sellers and buyers, with the latter aiming for a recovery while the former attempts to push the price lower.
The RSI has crossed above the sellers, indicating that buyers are gaining strength. The strong volatility shown by the Bollinger Band suggests that the market could be poised for another significant move, with forex signals indicating a potential opportunity for traders to capitalize on this momentum.
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