EURUSD Positive Gain Persists

EURUSD Buyers Target 1.11570 Key Level for Breakout

EURUSD price continues its upward momentum, with forecasts suggesting further gains up to the 1.11570 key level this week. This is largely due to the recent positive response from the Momentum indicator. Buyers have regained strength after bouncing off the 1.10070 key level, following a decline initiated by the bears from the 1.12060 significant zone last month.

EURUSD Key Levels

Resistance Levels: 1.11570, 1.12060
Support Levels: 1.09060, 1.06660

The 1.11570 key level is currently acting as the resistance that buyers are focused on breaking. The 1.10070 level has previously served as a support area for the bulls. If buyers fail to sustain their momentum, the 1.12060 zone could also act as a resistance barrier.

In the long-term outlook, buyers seem to have the upper hand, as they aim to break through the 1.11570 market area. With the Momentum indicator showing a recent increase, there is a strong chance of a breakout for the bulls.

The Relative Strength Index (RSI) is also rising in response to the buyers’ push on the daily chart. The buyers remain committed to the bullish trend in the long-term time frame, and with consistent upward pressure, a breakout could be on the horizon.

Market Expectation

While the RSI has reached its peak on the 4-hour chart, the Momentum indicator is currently showing a slight decline in the short-term time frame. Buyers will need to gather more strength to break through the 1.11570 key level.

With a consistent pull from the buyers, the market could soon see a breakthrough at the 1.11570 key level. Utilizing reliable forex signals could help traders navigate this potential breakout scenario.

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