EURUSD Analysis – The Bulls Are Open for More Intensity
EURUSD heads north back to the 1.10560 key area as buyers are gradually building strength again. Last week, the market was seen to be in the sellers’ favor, but with the start of June, the bulls have shown up with a strong presence. Despite the initial bullishness, the buyers have not been able to consistently push forward and make further attempts to breach the 1.10560 key level.
However, the buyers have been able to breach the 1.08410 key level in the past few days, and the market has since rallied back to this key level. This is a positive sign for the market and a sign that buyers are getting stronger.
EURUSD Key Levels
Resistance Levels: 1.10560, 1.08410
Support Levels: 1.05250, 1.06780
The market is currently showing signs of increased momentum for buyers as they strive to break the 1.10560 key level. This has been a long, stagnant level that hasn’t been breached in a while, but with a bit more determination and strength, buyers could be able to break out of the key level in July.
The Momentum indicator is currently pushing forward, indicating that buyers are getting stronger. The Parabolic SAR (Stop and Reverse) indicator is also displaying a strong trend, suggesting that buyers may have the tenacity to break the key level. If the buyers can keep up this momentum, then they could be well on their way to breaching the 1.10560 key zone in the next few days.
Market Expectation
Buyers need to recognize that this is a difficult level to break, and they will need to remain focused and determined if they are to succeed. If buyers can stay strong and keep pushing forward, then a breakout above 1.10560 could be just around the corner. With the current momentum, it looks as though the bulls may finally have the upper hand.
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