EURUSD Price Scene Yearns to Experience More Downfall

EURUSD Analysis – The Price Scene Yearns to Experience More Downfall Below the 1.08040 Key Level

EURUSD price scene yearns to experience more downfall below the 1.08040 key level. The EURUSD is engaging the price below this significant level in the market. Therefore, a bearish tag is placed on the market as the price continues to give room for more bearish tendencies. As a result, the market expects the price to fall below 1.08040 and the bearish displacement to continue.

EURUSD Price Levels

Resistance Levels:1.22100, 1.15160
Support Levels: 1.11920, 1.08040
When the market initially caused a deep fall below the 1.9920 key zone, there appeared to be a bearish failure on the sellers’ side as they failed to engage the price below the 1.08040 significant level. This, however, caused the buyers to approach the EURUSD market as the price made it drive back to the 1.11920 significant level of the market. However, the buyers’ manipulation did not last long in the market. The sell traders traded the price value down to the 1.08040 level, where we now expect further price declines.

The sellers were able to control the price tendency since the general structure of the market was determined to be in a downward formation. The price was seen to have encountered a bearish trend as the order continues in the market. The MACD (Moving Average Convergence and Divergence) indicator shows a price demonstration of a bearish signal. As the price continues to fall, the importance of the sell traders grows.

Market Expectation

The price is expected to fall below the 1.08040 significant point in the market as the selling pressure continues near this support level. The 4-hour chart, therefore, shows a bearish signal as the Parabolic SAR (Stop and Reversal) indicator is trending downward. The bearish strength increases and the price is predicted to fall below the 1.08040 critical level.

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