EURUSD Looks to Recover Strength

EURUSD Analysis – Buyers Are Gaining Resilience

EURUSD looks to recover strength. The price is currently showing signs of a potential recovery in strength. While sellers are still present, the focus remains on the crucial 1.08500 area. If buyers can strengthen their position, it could present an opportunity for a bullish trend toward the 1.10670 level.

EURUSD Key Levels

Resistance Levels: 1.12740, 1.10670
Support Levels: 1.08500, 1.06870

In recent months, the bulls have faced obstacles in breaking out of a consolidation phase. However, in July, they managed to push the price above the 1.10670 zone before encountering selling pressure around the significant level of 1.12740. Subsequently, sellers brought the price back below 1.10670.

Now, the buyers are seeking to recover strength around the important 1.08500 level. The stochastic oscillator indicates a positive sign in the current strength observed among buyers. However, its effectiveness will depend on the willingness of buyers to exert more influence. Meanwhile, the Parabolic SAR indicator remains bearish on the daily chart. This shows that the bears still have influence, as buyers are making progress.

Market Expectation

On the 4-hour chart, buying pressure persists despite selling pressure. The ability of buyers to hold their ground against selling pressure will be closely watched. The bulls have a plan to regain strength in the EURUSD market.
Overall, market participants should closely monitor the 1.08500 key level this week. It will be essential in determining the next direction of the market. Either the buyers will gain solid momentum or the sellers may continue their trend.