EURUSD Bulls Are Still Prepared to Challenge the 1.12000 Key Zone

EURUSD Analysis – The Bulls Still Hold Their Target Back to the 1.2000 Key Zone

EURUSD bulls are still prepared to challenge the 1.1200 key zone. The bulls have recently begun their massive movement towards breaking new ground on the daily chart. There has been a strong determination as buyers continue to set more buy orders on the currency pair. Amidst the bullish breakout above the 1.07760 key zone, the sell traders decided to pour in as buying momentum eventually reduced. This, however, gave room for a sharp pullback to the 1.07760 key zone. Last week’s closing trade shows buyers are already charging up, with strong indications on the daily chart.

EURUSD Key Zones

Resistance Zones: 1.12000, 1.07760
Support Zones: 0.96940, 1.0000

The bulls have been more inclined following the break over the parity level in early October 2022. The market had first taken a solid turn of bearish momentum before buyers eventually broke above the parity level. Following selling strength from the 1.12000 key level down to the 0.96940 key level, the buyers decided to change the price tide. The market decided to strengthen itself as buyers began to take charge.

Since the break out above the 1.0000 key zone, the MACD (Moving Average Convergence Indicator) has remained above and toward the positive region. The Moving Average indicators still point to bullish engagement on the EURUSD pair. The bulls are therefore challenged to push further toward the 1.1200 key zone. The Parabolic SAR ( Stop and Reverse) indicator hasn’t pinpointed a reverse trend on the daily chart.

Market Expectation

On the 4-hour chart, the price is still structured to dive further. The bulls are already pressing more charges as the MACD still flowing on the positive side. The buyers are therefore challenged to ride up to the 1.2000 key zone as the momentum continues.

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