EURUSD Faces Selling Pressure as Buyers Seek a Sufficient Boost

EURUSD Analysis – Buyers Struggle to Gain Control

EURUSD faces selling pressure as buyers seek a sufficient boost. The pair is facing significant pressure as buyers attempt to break above the key level of 1.10500. Despite some bullish momentum in July, sellers have remained dominant for an extended period. The initial breakout above 1.10500 was followed by a loss of momentum near the 1.12640 level. This, therefore, resulted in a bearish trend.

EURUSD Key Levels

Resistance Levels: 1.12640, 1.10500
Support Levels: 1.08370, 1.05000

With sellers maintaining dominance, the market has fallen below the 1.10500 level. The bearish trend duration depends on whether buyers can regain control. The Stochastic indicator suggests that the market is overbought, indicating a favorable sign for buyers.

However, the MACD (Moving Average Convergence and Divergence) has yet to provide a clear direction. This, therefore, implies that if buyers are able to gather momentum, the tide could change. The Moving Average crossing is in favor of the sellers on the daily chart.

Market Expectation

On the 4-hour chart, significant pressure is exerted on buyers as sellers maintain their strength. For a breakout in the market, buyers would now require a sufficient boost to facilitate that. If buyers fail to gain control, the market momentum will keep favoring the sellers. Traders are encouraged to closely monitor market dynamics and watch for potential opportunities as the battle between buyers and sellers unfolds. Buyers’ ability to gather strength and regain control will ultimately determine the direction of the EURUSD market.

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