EURUSD Analysis – Sellers Are Seasoned for Expansion in the Market
EURUSD sellers remain seasoned for the expansion of the price tendency. The sell traders are still willing to engage the EURUSD pair to attain more bearish displacement. Several stop orders have been placed above the 1.06060 key zone to prevent buyers’ tendency from influencing the price. Below the 1.06060 key level is a bear candlestick, which is currently open and informs us that the fiber is still seasoned for more bearish expansion.
EURUSD Price levels
Resistance Levels: 1.11910, 1.09270
Support Levels: 1.06060, 1.03350
Following a displacement of the downward trend, the market value began to decline due to the rejection of sellers at around 1.09720. Buyers gave way to a bearish outpouring on the pair market. The sell traders, arriving at a price below 1.06060, experienced mixed reactions. The buyers’ sentiment with the sell traders caused the price to accumulate. After a short accumulation, however, sellers outraged price action downward, thereby giving a drop down to the 1.03350 key level.
The daily chart has shown bearish dominance for a while. The sellers are still hoping to push the price of the pair downward. The price oscillator validates the market sentiment in an overbought session as the buyers’ race is currently over in price. The bears are currently reacting near the 1.06060 key level due to selling pressure.
Market Expectation
The 4-hour chart of EURUSD shows price action already settling towards a sell trend. The Chalkin Money Flow indicator is close to crossing the zero line back towards the negative region. This, however, means that more selling pressure will be added to the market as more orders will be placed by the bears. As a result, sell traders should expect the price to return to the 1.03350 key zone.
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