EURUSD Reflects a Struggle in the Market

Market Analysis – EURUSD Buyers Lose Grip

EURUSD reflects a struggle in the market. The buyers in this market have faced significant challenges in their attempts to make a breakthrough. The euro has been weakening since the middle of last month, and the bias has stopped near the 1.09870 price level. This has provided an opportunity for sellers to exert further downward pressure on the EURUSD.

Despite attempts by buyers to push the price higher, they have been consistently rejected at key levels. The struggle between buyers and sellers continues, with both sides seeking to establish their dominance. 

EURUSD Market Levels

Resistance Levels: 1.09870, 1.08810  
Support Levels: 1.07280, 1.06520

The buyers in the EURUSD market have encountered a significant obstacle at the 1.08810 price level. Their efforts to push the price higher have not been sufficient to make a breakthrough. Since the middle of last month, the euro has been gradually weakening, adding to the challenges faced by buyers. The bias has come to a halt near the 1.09870 price level, providing an opportunity for sellers to exert further downward pressure.
 
Despite attempts by buyers to edge the price forward, they have consistently been rejected at key levels. The sellers have taken advantage of this situation, forming a resistance zone after a rebound from the 1.08810 price zone. The struggle between buyers and sellers continues, with buyers seeking a reversal and sellers aiming to continue their bearish tendency.

Market Expectation 

The Relative Strength Index (RSI) has not provided any clear opportunities for both buyers and sellers in the past four weeks. The signal line has been trading in the mid-range, indicating a lack of conviction from both sides. However, it seems that sellers are still likely to have the upper hand in the market.

At the start of this week, sellers have shown rejection and are aiming to drive the price lower. If the euro continues to fall, we may likely see the price straight down to the significant level of 1.07280. This level holds importance and could serve as a target for sellers.

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