EURUSD Goes Lower as Buyers Bow to Pressure

EURUSD Analysis – Stochastic RSI Hints Potential Reversal

EURUSD goes lower as buyers bow to pressure. The sellers in the EURUSD market have been exerting strong pressure on the buyers, causing them to relent. The bulls have gone quiet after failing to surpass the price zone of 1.10300. Last week, the sellers gained strength and pushed the price lower, reaching a significant level of 1.08570. Their current momentum suggests their intention to break through the key level of 1.07350. The bulls have yet to find stability in the market this time.

EURUSD Key Levels

Resistance Levels: 1.12860, 1.10300
Support Levels: 1.07350, 1.04370

The buyers had initially aimed to reclaim the key level of 1.12860 in the market. They showed their strength but failed to break through this level in July. As a result, the market turned bearish, giving the sellers an advantage. In September, the bulls managed to recover strength at a significant level of 1.04370. The buyers began to build a strong rally but could only sustain it up to the 1.10300 price zone.

Currently, the sellers hold the advantage in the market and may push the price lower. However, the Stochastic RSI (Relative Strength Index) on the daily chart indicates that sellers are pulling out despite the ongoing selling pressure. This immediate decrease in selling strength suggests a potential reversal in sight for this week. This implies that buyers may have an opportunity to break out beyond the current market conditions.

Market Expectation

The Moving Average crossing indicator favors a selling opportunity in the market at the moment. Both buyers and sellers should anticipate further struggles in the market as they vie for control.

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