EURUSD Analysis – Reversal Looms for Euro Market
EURUSD experienced a steady rise amidst a potential reversal. The buyers of this currency pair have been showing remarkable determination, pushing the price higher and higher.
EURUSD Key Levels
Resistance Levels: 1.11450, 1.09840
Support Levels: 1.06900, 1.05070
Since the middle of February, the buyers of EURUSD have displayed unwavering determination. They have managed to keep the sellers at bay, particularly at the significant zone of 1.06900. This steadfastness has been evident for several weeks, with the bulls maintaining a strong foothold on the price. It is worth noting that the Euro market experienced some weakness earlier this year, starting with a decline from the significant level of 1.11450. However, despite the pressure on the pair to move lower, the buyers have managed to hold their ground.
Currently, the bulls are setting their sights on the key level of 1.08600. This level holds significant importance, as a breakout above it could signal a bullish expansion. On the other hand, a failure to break through could lead to a decline. It is crucial for market traders to closely monitor this level for any signs of a potential reversal. This is where forex signals come into play, providing valuable guidance to traders.
Market Expectation
The Stochastic Oscillator is heading north, indicating that buyers are pushing the price higher. Additionally, the Parabolic SAR Stop and Reverse indicator is tracking the bullish strength of EURUSD. The bulls, therefore, still show an inclination for more expansion this week.
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