EURUSD Reflects Losses as Buyers Lose Strength

EURUSD Analysis – Buyers Bow to Seller Pressure

EURUSD reflects losses as buyers lose strength. The currency pair has been experiencing a decline in recent times as buyers lose their strength and sellers gain momentum. The market is currently trading around the significant level of 1.07400, indicating a shift in market sentiment. 

EURUSD Key Levels

Resistance Levels: 1.09850, 1.08650 
Support Levels:1.08000, 1.06940

Buyers in the EURUSD market have been facing increasing pressure from sellers, leading to a loss of strength. This shift in market dynamics can be attributed to the dominance of bearish sentiment since mid-March. Previously, the Euro side had shown strength, pushing the market close to the significant level of 1.1000 in February. However, the tide turned, and sellers gained more control.
 
Currently, there has been a breach below the significant level of 1.08000, indicating the continued strength of sellers. The US dollar’s recent strengthening has contributed to this downward pressure on the euro. However, it is worth noting that the significant level of 1.06940 may act as a barrier for sellers. This level has previously shown price memory, as it halted bearish movements in February. Nevertheless, if selling pressure intensifies, there is a possibility of a breakthrough.

Market Expectation 

The Money Flow Index (MFI) shows that sellers are holding onto their bearish strength, indicating a continuation of the downward movement. Additionally, the MACD (Moving Average Convergence Divergence) reflects the price direction towards a bearish trend. Traders should anticipate a further decline towards the significant zone of 1.06940.

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