EURUSD Analysis – Buyers Suspend Bear Displacement Near the Significant Level of 1.08020
EURUSD buyers suspend bear displacement near the significant level of 1.08020. EURUSD buyers are presently making an appearance in the market. This, however, will influence the market structure as the price continues to orderly flow in a downtrend orientation. More so, the sell trend is manipulating itself downward inside a channel. The bear tendency continues to make lower lows and higher highs while rebounding the price structures. EURUSD:
EURUSD Market Zones
Resistance Zones: 1.21650, 1.14940
Support Zones: 1.11640, 1.08020
The bearish impact on EURUSD began after the price touched the 1.21650 significant level. The price has since entered a bearish phase, swinging downward within the descending trend line channel. As the bearish order flow continues, the price first approaches a significant support zone of 1.4940. However, when the price broke through and made a retest multiple times at this level, it became a resistance zone in the market.
After the short consolidation phase, the price falls back into the trending channel. The sellers are unwilling to push the price influence downward in the market. EURUSD is currently set to swing up in the market, making another lower high before bearish displacement continues. The momentum indicator is continuing to decrease on the 1-day chart.
Market Expectations
The 4hour chart timeframe shows the EURUSD price ranging. The buyers are ready to take the price up once again. Therefore, the price is expected to roll back to 1.11640, a significant level in the market. The RSI (Relative Strength Index) shows a price percentage in the oversold region as the buyers are set to swing high to the 1.11640 critical level.
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