EURUSD Continues Its Bearish Attack

EURUSD Analysis – EURUSD Buyers Fail to Recover Strength

EURUSD continues its bearish attack as buyers remain silent again this new week. The pair has been subject to a series of compelling market movements, highlighting the strength of traders. The bullish momentum that began in October around the 1.04360 price level has been driving the pair higher. A few weeks ago, buyers experienced a surge in liquidity, surpassing the significant level of 1.08330.

EURUSD Important Levels

Resistance Levels: 1.10210, 1.08330 
Support Levels: 1.06600, 1.07670 

However, the prospect of a slowdown in the bullish run arises as buyers encounter the historically important level of 1.10210. This level has acted as a strong barrier throughout the year. Although a breakthrough at this level would signify further bullish strength, at present, there has been a pullback as sellers gain strength. Since buyers failed to cross the 1.10210 level, bears have been pushing the price lower. This week, sellers have managed to touch down to the key level of 1.08330, but there hasn’t been a further breach yet.

The Parabolic SAR (Stop and Reverse) has switched to a sell position, indicating the current bearish sentiment. The slowdown in bullish momentum has gradually given sellers an advantage. Sellers entered the market as a decline was observed on the Price Oscillator indicator.

Market Expectation

On the 4-hour chart, sellers are still lingering and gaining more control. Their current positioning continues to favor them. Traders should closely monitor their response to the significant zone of 1.08330.

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