EURUSD Analysis – The Buy Traders Are Still Inclined to Withstand a Selling Retracement
EURUSD bulls remain locked beneath the 1.060850 key zone despite bullish influence. The bulls’ recent structure shows that they are more inclined to make more comebacks as sellers are dressing heavy at the moment. After the buyers’ inability to break above 1.06850 at once, the sell traders began to respond to the buyers’ tenacity. As of this writing, the Moving Average crossing of days 9 and 21 isn’t showing signs of weakness, as buyers are still prompted to push further. Although buyers may have lost steam, they are still set to regain resilience after a selling retracement on the daily chart.
EURUSD Significant Levels
Resistance Levels: 1.08270, 1.06850
Support Levels: 1.00850, 0.95740
The sell traders have recently kicked off their selling strength as the last week closed with a tough bear candle. Following a bullish breakout session in the middle of October 2022, the price has been actively gaining momentum. A few months before the bullish breakout, the sellers had been significantly dominating the EURUSD price. The price rallied in a bearish swing lower in the trending channel. The bears hit hard on the 1.06850 key level in June 2022. What follows after is bearish dormancy as price continue to swing lower to 0.95740 market level.
However, buyers made a surprise attack by pulling the price trend upward. The bulls advanced away from the trend line as buyers began to mount strength. With a strong buy uptrust, the EURUSD buyers were able to sustain price moment upward in the market as price rises beyond 1.00850 key zone. The bulls have currently charged up close before bearish engagement at the 1.06850 market level. The daily chart still shows buying resilience to evaluate prices further despite pullbacks.
The buyers have given up at this point as the selling tendency is building price pressure. Sellers are more inclined to pull the price trend from 1.06850 before a solid breakout can occur in the coming days.
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