EURUSD Analysis – Seller Say Shows Strong Resilience This Week
EURUSD may face a bearish blow as lower prices loom. Over the past week, sell traders have displayed remarkable resilience, pushing the price lower and breaking through key levels of support. After a retest at the significant level of 1.08830, sell traders have shown their determination to drive prices lower.
Last week, they successfully breached the market level of 1.06260, indicating their strength in the market. This easy penetration suggests that sell traders are likely to continue their downward momentum, exerting further pressure on the EURUSD pair.
EURUSD Key Levels
Resistance Levels: 1.11380, 1.09880
Support Levels: 1.08830, 1.07240
On the other side of the spectrum, buyers have been putting in their best efforts to gain an upper hand in the market. The pound has been striving to make a comeback for months, with its long attempt pushing from the significant level of 1.07240 to the market zone of 1.09880. This breakthrough at the key level signifies a significant milestone for the buyers in their fight to regain control.
However, despite the buyers’ efforts, last week proved to be a setback for them as sellers managed to push the price lower, breaking through the 1.08830 market zone. This turn of events has put the momentum indicator on a reversal, indicating a shift in market sentiment. In order for the buyers to regain their momentum, a strong recovery is needed.
Market Expectation
As we enter the new week, sell traders are still pulling the strings lower, exerting their dominance over the EURUSD pair. A breakout below the 1.06260 level could potentially attract even more sell traders, leading to a further decline in prices. It is crucial for buyers to regain control and reverse this bearish trend.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Leave a Reply