EURUSD Is Still Able to Retain Bullish Momentum

EURUSD Analysis – Buyers Are Ready to Dominate as the Year Runs Out

EURUSD is still able to regain bullish momentum despite its recent setback. The year 2022 is finally packing up its cargo. As the week begins to wind down, the buyers are already set to reclaim lost momentum. The fourth quarter, which begins in a few days, is already indicating a strong bullish trend. The bulls have been attempting to return to the 1.06870 key zone. The initial attempt in the previous setup was unsuccessful. This, however, led to a drop in price. Nevertheless, buyers are already keeping track of the event as they hope to continue their trend.

EURUSD Key Zones

Resistance Zones: 1.08270, 1.06870
Support Zones: 1.00870, 0.95710

Amid this festive break, the EURUSD traded with low volatility. Buyers have been seen making new attempts to return to the 1.06870 significant zone. The bulls have gained significant attention following a disjoint from the bearish trend line. In November 2022, the buyers successfully separated by pulling with strong liquidity strength. The EURUSD breakout created more room for a bullish upswing in price.

On the daily chart time frame, the market continues to swing to higher highs and lows. The buyers are seen to be making significant gains upward toward several pivot levels. The sellers are not left out of the operation, as their pressure keeps the traders in check. The Stochastic Oscillator indicator is set to open a new window for buyers as the price is close to the oversold region. The Moving Average crossing is still keeping the buyers on track on the daily timeframe.

Market Expectations

With the year gradually closing its door, the bulls are continuing to pull forward. The momentum indicator has yet to make an active run, but we anticipate one in the coming days. As buyers push towards the significant level of 1.06870, traders should be prepared. The Stochastic Oscillator on the 4-hour chart is on the rise as well.

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