EURUSD Analysis – Sellers Are Preparing to Flirt Back Around the 1.07930 Market Zone
EURUSD advances above the 1.07930 key zone. The summary of the recent progress depicts selling awareness following bullish interaction above the 1.07930 key level. The bulls on their end have been quite impactful, as we have seen on the currency pair. The sellers reacted to the 1.05190 key zone at the beginning of this year. Since then, the buyers have been making solid progress, and the recent progress depicts selling awareness following bullish interaction above the 1.07930 key level. The bulls on their end have been quite impactful, as we have seen on the currency pair. The sellers reacted to the 1.05190 key zone at the beginning of this year. Since then, the buyers have been making solid progress. With buyers taking a short break above the 1.07390 market level, the chances of the buying tendency coming stronger are still high on the daily chart.
EURUSD Key Zones
Resistance Levels: 1.07930, 1.02410
Support Levels: 1.00090, 0.96980
As sell traders lost the ability to trade lower, the bulls began their rapid movement, reacting to the 0.96980 key zone before more buying strength pulled through. As a result, the fourth quarter of 2022 was marked by strong bullish power. Unlike the previous months before September, where sellers had long dominated the trading chart, With so much buying commitment on the EURUSD currency pair, it's easy to believe there's more room for buying display. Amidst a bullish setup, the
Moving Average Indicator of days 9 and 26 is still actively trading across the positive gradient on the daily chart. The Parabolic SAR (Stop and Reverse) indicator is also not left out. Its signal trend keeps gliding in the positive direction below the candlestick, despite the current retracement. Nevertheless, the RSI (Relative Strength Index) appears on the selling side as sellers decide to flirt back to the 1.07930 key zone.
The buyers are aware of the price situation because the sellers keep causing setbacks. However, the bullish force is still stronger on the 4-hour chart as well. Following the selling flirt, we should anticipate buying back in on the EURUSD price from the 1.07930 key zone.
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.
Leave a Reply