EURUSD Analysis – Sellers May Refuse to Back Down
EURUSD sellers could maintain their dominance. The EURUSD market is displaying a strong inclination towards the bearish side, their motion that sellers might refuse to back down anytime soon. In the recent past, we’ve witnessed a back-and-forth battle between buyers and sellers.
The buyers happen to make their attempts from the 1.04510 significant zone, only to be flushed out yet again. This recurrent pattern is a clear indicator of the prevailing market sentiment. It therefore highlights the buyers’ struggle to gain a firm foothold.
EURUSD Key Levels
Resistance Levels: 1.12750, 1.09500
Support Levels: 1.08000, 1.04510
Over the past months, bears have exerted significant dominance, setting the tone for the market. A closer look at the daily chart reveals persistently bearish sentiment, with sell-side efforts consistently piling up.
The resurgent bearish momentum suggests that we can anticipate further bearish movements in the coming week. The current bearish outlook is expected to break through the crucial 1.04510 significant level, marking the second attempt to do so.
This breakthrough is poised to trigger a more substantial market purge. The Stochastic oscillator currently holds a firm grip on price signals. It emphasizes the selling influence and indicates a potentially deeper decline.
Market Expectation
However, it’s essential to note that the bears must step up their efforts to breach this critical level. Despite a decline in Price Oscillator momentum, the 1.04510 key level remains vulnerable and likely to be breached shortly.
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