EURUSD Bulls Activity Influenced by Selling Pressure

EURUSD Analysis – Bulls Activity Is Influenced by Selling Pressure 

EURUSD bulls activity is influenced by selling pressure as buyers set the price to 1.06340, the key level. The buying activity of EURUSD bulls is being affected by selling. There is pressure as buyers set the price to the crucial level of 1.06340. After a protracted downward trend, the significance of buying has increased significantly since the price has reached the significant moment of 1.03610. After that, the bulls initiated exposing the market to buy sentiment.

EURUSD Price Levels

Resistance Levels: 1.11810, 1.09310
Support Levels: 1.06340, 1.03610
The market markers were observed purchasing above the key zone of 1.03610, and as the number of buying orders continues to rise, more bullish force continues to overwhelm the market. The value of EURUSD climbed above the trend line and remained there until it broke through the 1.06340 key zone. Because the EURUSD long term trend shows a bearish tendency, sellers have been stifling buying pressure.

As a result, the buyers anticipate a bullish moment until the price reaches the important mark of 1.09310. Sellers should brace themselves for new lows following a retest of the critical zone at 1.09310 as the market approaches this critical zone. The momentum indicator on the daily chart is going down because there is more selling pressure above the important level of 1.03610.

Market Expectations

EURUSD is expected to continue being bullish for a while despite the bearish tendency. The price shows several touchdowns on the 1.06340 level. As the buying momentum increases, the bull market will rise to the 1.09310 market level. The RSI (Relative Strength Index Indicator) is above the middle line. The cross signal is slightly in the buying region as buyers are still determined to push up to the 1.09310 key zone.

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