EURUSD Analysis – Price Begins Concentration in the Bearish Era Near the 1.13100 Level
EURUSD begins further concentration in the bearish era near the 1.13100 level of significance after buyers’ investment. The configuration of the market structure is assumed to continue in its general movement. The market movements, however, are in a broad bearish direction. Despite still being in a downtrend phase, buyers are still attracted to the market. As a result of their impact, the price movement experiences a major jerk in market price. As the bearish market yields beneath, the other prospects in the market push the market movement against this level.
EURUSD Price levels:
Resistance Levels: 1.8900, 1.17000
Support Levels: 1.15200, 1.13100
However, the bears are assumed to continue in their projected direction. The market turnover begins after price conduct in accumulation. The price varies after several tugs between the bulls and the bears. EURUSD bears ultimately won the battle as the price cracked through the 1.17000 level of significance. Following this movement, the bulls tried to step in, and another battle varied between the two prospects. The bears also succeeded as another significant level was broken. When the 1.15200 level of significance was broken, then the market proceeded to the next stage.
The market then continued its concentration downward, following its usual trend, as the Moving Average crossing on the 1-day chart also indicates a downtrend phase. The cross gives a clear confirmation of the bear’s weight in the market. As the price momentum increases, more weight is gained by the sellers in the market.
The momentum indicator on the 4-hour chart begins again on an increase as the price is playing down after a retest at the 1.13100 level. The bearish concentration era is, hence, set to continue in this quest due to a pullback at this level.
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