EURUSD Is Looking for Support Back to the 1.05390 Key Zone

EURUSD Analysis – Market Might Assume a Bearish Fall or a Ranging Market

EURUSD is looking for support back at the 1.05390 key zone. The bears are capitalizing on the euro’s weakness at the moment. The market has taken a turn after a long series of bullish trends in the first quarter of 2023. The buying trend has recently come to a halt, sometime since May. This implies that the major holders of opportunities are now the sellers in the market. The tide has changed in bearish favor, and there has been a consistent fall in price after the reversal at the 1.10590 significant level.

EURUSD Key Levels

Demand Levels: 1.10590, 1.08160
Supply Levels: 1.05390, 1.03310

The market has been experiencing a steady succession of sellers lately, pushing the price down to a significant level of 1.05390. As the Parabolic SAR (Stop and Reverse) indicator continues to point southward and the Stochastic follows suit, traders are anxious to see if the bearish trend will continue or if the market will enter a sideways range.

The 1.05390 significant level could be a key turning point for the EURUSD market. If more bearish traders enter the market, they could push the price even lower. On the other hand, if buyers enter the market, they could cause a reversal, and the price could start to move in the opposite direction. At the moment, it is hard to tell which outcome is more likely. All traders can do is watch the market closely and wait for the significant level of 1.05390 to be broken. If the market does break out of the range, it could lead to a dramatic shift in the forex market, so it is important to stay vigilant.

Market Expectation

The EURUSD is an ever-changing entity, and the 1.05390 significant level could be the source of a major shift. Traders should be prepared to take action as the market approaches this important level. With careful observation and timely action, traders can make the most of this potential turning point.

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