EURUSD Analysis – Euro Price Could Kick with Bearish Strength
EURUSD bears threaten the 1.07660 market level. As the new week begins, bearish strength is evident in the currency pair. Sellers are gaining momentum, indicating their increasing dominance in the bearish market. It suggests that the EURUSD sellers are becoming stronger and exerting more pressure on the currency pair.
EURUSD Key Levels
Resistance Levels: 1.12720, 1.10540
Support Levels: 1.08420, 1.05170
Currently, the 1.07660 key level is already a target for sellers. The bearish momentum is likely to facilitate penetration of this support level as the week progresses. The strength of the bears can be attributed to a liquidity purge in the market.
A break below the 1.07660 market zone would signal that sellers could control the market for a while. This implies that the bearish pressure is likely to persist, leading to further declines in the EURUSD currency pair. The pair has been in a state of decline since the bulls lost the battle at the 1.12720 resistance level.
Technical analysis suggests that buyers were unable to breach this key level. This has now given the sellers a reason to intensify their pressure. With sellers continuing to exert downward pressure, the EURUSD price could eventually trade lower towards the 1.05170 key level. This level represents a potential target for sellers as the decline persists. Traders should monitor the price action and look for confirmation signals before entering any trades.
The Stochastic Oscillator indicator is still crossed lower, indicating that sellers hold dominance in the market. This technical indicator measures the momentum of price movements and helps identify overbought or oversold conditions.
The 4-hour chart price is squeezed for a breakout in the market. Traders should therefore watch out for how prices unfold with bearish strength.
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