EURUSD Buyers Struggle to Recover Strength

EURUSD Analysis – Buyers Seek for Solid Gains

EURUSD buyers struggle to recover strength. The pair is witnessing a struggle on the buyer’s front, failing to gain the traction they require. The beginning of this week showed a continuation of last week’s trend.

The market was mostly driven by selling pressure. Sellers dominated the trade, causing a decline from 1.07600 to the 1.06620 significant level. Although buyers have shown some intent, their impact seems restrained, yet there’s an expectation for a potential market expansion.

EURUSD Key Zones

Resistance Zones: 1.12910, 1.09750
Support Zones: 1.07600, 1.04490

Buyers initially showed robustness from the middle of the month, manifesting strength from the 1.04490 price zone. However, at every surge, sellers have managed to intervene, preventing the buyers from making a breakthrough above the 1.07600 price level. This current scenario suggests that buyers need to display more strength to tip the scales in their favor.

The Chainkin Money Flow indicator hasn’t depicted a significant spike, underscoring the lack of momentum from the buyers. It’s imperative for buyers to regain their footing to restore momentum in the market.

Market Expectation

Traders should be careful and watch the price closely for any changes. A strong move above the 1.07600 level could signal that the buyers have gained control and that the price may go higher. A strong move below the 1.06620 level could signal that the sellers have gained control. Either way, the bears manage to hold price at the moment. The buyers require enough strength for dominance.

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