EURUSD Sellers Pause as Buyers React at the 1.09490 Level

EURUSD May Slide Through the 1.09490 Market Zone

EURUSD sellers have paused as buyers react at the 1.09490 significant level. The currency pair has shown some buying activity as sellers take a break around this zone. Following a prolonged period of selling pressure, buyers have managed to slow the decline. Despite recent attempts by buyers to surpass the 1.12150 level, a strong market rejection formed a double top pattern on the daily chart. This resistance zone has created an “M” shape, signaling a bearish dominance.

EURUSD Key Levels

Resistance Levels: 1.10690, 1.12150
Support Levels: 1.09490, 1.08000

Last week, sellers pushed the price down to the 1.10690 support level before further declining toward 1.09490, where buyers are currently holding ground. The 1.09490 support level has prompted some buying activity, but it remains uncertain whether buyers can maintain momentum. Although EURUSD buyers have slowed the pace of the sellers with their recent attempt to push the price higher, a significant breakout above 1.10690 is needed for any meaningful reversal.

The price currently hovers below the 0.000 level, indicating that bearish momentum still prevails. The RSI (Relative Strength Index) remains in a bearish zone, showing that sellers remain in control despite the minor lift from buyers. On the daily charts, buyers are trying to reduce selling pressure, but the overall sentiment still leans towards the sellers.

Market Expectation

With recent consolidation around 1.09490, EURUSD could potentially drift lower if sellers maintain their control. The RSI and Momentum indicators continue to reflect a bearish market structure. However, if buyers can build strength near this key support, they might push the price back towards the 1.10690 level.

Traders should monitor any shifts in momentum that could signal either a breakout or a continuation of the current trend. The currency pair remains susceptible to bearish sentiment as sellers aim for a breakthrough, and those following forex signals should watch closely for market shifts.

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