EURUSD Remains Skewed Downside

EURUSD Analysis – Selling Pressure Persists as the Euro Remains Weaker

EURUSD remains skewed to the downside as sellers maintain dominance in the market. The sellers’ pressure has been consistently observed, intensifying as traders lack confidence in the US dollar. Although buyers continue to enter the market, the decrease in euros may still be subdued.

The current focus for the bulls is on pushing the price below the 1.08380 market zone. However, the overall outlook suggests that the market is still inclined to trade lower in the long run.

EURUSD Market Zones

Resistance Zones: 1.2790, 1.0800
Support Zones: 1.0660, 1.0500

In the earlier period, the Euro displayed strength as the bulls had a major influence on the EURUSD market. They were able to push the price from the 1.06620 key level to the 1.2790 key level. However, the buying intensity waned as sellers gained strength in this key zone.

There is no significant reversal visible yet on the daily chart from the Parabolic SAR (Stop and Reverse). The Relative Strength Index (RSI) also indicates the bears still have control. Also, the sell intensity has yet to cross the MACD (Moving Average Convergence and Divergence) indicator.

Market Expectation

To challenge the sellers, the buyers need to strengthen their presence in the market. Currently, they are reducing the selling pressure on the EURUSD pair. However, further bearish engagement is plausible in the days to come. As the new week plays out, more attention should be paid to the sellers. The bearish sentiment is more likely to continue.

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