EURUSD Bulls Regain Footing as Sellers Lose Steam

EURUSD Bulls Regain Footing as Sellers Lose Steam

EURUSD bulls regain footing as sellers lose steam. The currency pair has once again taken on a bullish pace, regaining its stance from the 1.06050 significant level. Last week saw a tough battle as the sellers were slipping lower, but this month, the Euro market has responded to sell pressure more easily. Around the 1.09140 key area, the sellers took their turn, just like in April, showcasing the stronghold this level has on the EURUSD pair.

EURUSD Key Levels

Resistance Levels: 1.11180, 1.09760
Support Levels: 1.06700, 1.06050

The bears have continued to mount an offensive attack on the daily chart, passing through several key levels. However, the recent week has been a consolidation period, as the buyers have been putting up a fight to pull the price back up. After trading down to the 1.06700 key zone, the buyers are now reactivating their strength and heading up again towards the 1.06700 market zone. A breakthrough beyond this key level will confirm a strong buy reversal.

The technical indicators are painting a picture of a potential bullish reversal in the EURUSD market. A crossover is currently expected around the RSI (Relative Strength Index), suggesting that the buyers are regaining their footing. In contrast, the Parabolic SAR (Stop and Reverse) indicator is trending strongly towards the sell area, indicating that the sellers are still maintaining some influence.

Market Expectation

In the short-term timeframe, the buyers have been making relatively strong gains, and a continued fight from them could put them at an advantage. The Parabolic SAR is already in reversal mode, and the RSI has also changed its focus, with the buyers aiming to push through the 1.06700 market area. These technical signals suggest that the bulls may be poised to make a comeback in the EURUSD pair. For those looking to capitalize on these movements, utilizing the best forex signals can provide valuable insights and help navigate this volatile market effectively.

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