EURUSD Analysis – Buyers Struggle to Keep Up
EURUSD bears gain momentum as buyers struggle. EURUSD is currently experiencing a struggle for the buyers to keep up, while the bears are running out of patience. The buyers have seemingly exhausted their options in their attempt to recover from last week’s losses. On the other hand, the sellers have settled down for a deeper dive this week.
EURUSD Key Levels
Resistance Levels: 1.11300, 1.09950
Support Levels: 1.20750, 1.17910
The week opened with a market loss for the Euro price as the US dollar appreciated, causing a decline in the weak Euro market. The bears have successfully broken through the significant level of 1.08540, indicating a downward trend in EURUSD. The currency pair is now threading lower, heading towards the 1.07420 significant level.
From last year into this year, the EURUSD has been growing weaker. The buyers lost their confidence, pulling back from the significant level of 1.11300. The bulls attempted to fight their way back early this year but were pushed back to a significant level of 1.09950. This resulted in a short pullback in the price. Currently, the bulls lack redemption, and the sell market continues to pose a threat.
The Relative Strength Index (RSI) is in motion, reflecting the downward movement of the bears. If sell traders enter the market with accurate forex signals, they are likely to see profits despite the weaker euro.
In the short time frame, the sell traders are still on their toes, hoping for a stronger breakthrough. The stronger their response, the greater the force of the breakout.
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