EURUSD Analysis – Buyers Are Making New Attempts Toward the 1.07100 Key Zone
EURUSD buyers are still taking a breather as prices hope for a break out beyond the 1.07100 key zone. The bulls have been unable to surpass the resistance strength close to the 1.07100 key zone. As a consequence of this, a pullback has been established. Nevertheless, the bulls have been summoning the courage to continue the price tide in the market. The currency pair traders are still willing to surpass the 1.07100 key zone as the new week plays out. The 100-day Moving Average indicator is still in a positive trend as we speak on the daily chart.
EURUSD Significant levels
Resistance Levels: 1.07100, 1.05220
Support Levels: 1.00150, 0.97050
The 100-day Moving Average changed its course from the beginning of December 2022 into the new year. This demonstrates the significant impact the sellers had throughout 2022. The sellers appeared to be very active as they swung lower in the market. Towards the beginning of December 2022, the buyers broke through the 100-day moving average. This, therefore, signals a bullish trend phase on the daily chart. The bulls at this point continue to pull upward. The buyers have recently taken a step back to react at the 1.05220 key zone.
With the buying activity taking a breather, traders should look forward to a more bullish display. On the daily Stochastic Oscillator chart, the market appears to be oversold. This shows that selling strength is now on hold. Traders who are willing to make purchases should look out for a price breakout above the 1.07100 resistance level. The Price Oscillator indicator still shows market flow in a positive light as we speak.
The bulls are building strong liquidity strength after taking a breather at the significant level of 1.05220. The current time frame for display buying is four hours. The bulls are therefore more willing to break through at this time as buying strength continues to increase towards the 1.07100 key zone.
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