EURUSD Market Makes a Surprise Turn for Bearish Action

EURUSD Analysis – Bearish Trend Remains on Track

The EURUSD market takes a surprise turn for bearish action. The market has been taking quite a surprise turn for bearish action as of late. Sellers have been aggressively taking control of the market after making a U-turn from the bullish action that began this month. The bullish progress that was seen at the start of the year appears to have been halted at the end of April 2023. Despite this, buyers were still able to rally the market, even after the selling interception down to the 1.05420 significant level.

EURUSD Key Levels

Resistance Levels: 1.10560, 1.09280
Support Levels: 1.05420, 1.03960

As of now, the sellers are in full control of the EURUSD market, and it looks like they are set to stay in power for the foreseeable future. The Moving Average crossing has given a cross at the moment on the daily time frame, confirming the bearish ride that is in store for the time being.

This is further supported by the RSI (Relative Strength Index), which is also closely following the selling motion in the market. To better understand the current state of the EURUSD market, traders should take into account the long-term trend of the market. It is evident that the EURUSD has been in a long-term uptrend since the start of this year and that the current bearish turn is only a short-term setback. It is therefore important to pay attention to the long-term trend of the market rather than the short-term movements.

Market Expectation

Traders should also be aware that the current bearish movement in the EURUSD market may not last for long. The market could quickly turn back to a bullish trend if buyers can take advantage of the current market conditions. It is therefore important for traders to be prepared for a sudden shift in the market and to be ready to capitalize on any opportunities that may arise.

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