EURUSD Analysis – Sellers Are Still Determined to Resume the Trend
EURUSD buyers’ eyes run a test back to the 1.07630 price level. It’s been an exciting month for EURUSD traders, with buyers and sellers both aiming for control of the market. After a brief period of selling dominance, buyers are now looking to extend their gains and test the 1.07630 key level.
EURUSD Key Levels
Resistance Levels: 1.09890, 1.07630
Support Levels: 1.02430, 0.96920
The EURUSD has been on a wild ride last month, with sellers dominating much of the market activity. After hitting the edge of the 1.09890 key level, the sellers reversed the price and pushed it down to the 1.07630 key level. Throughout February, the selling pressure continued to dominate, and the EURUSD eventually broke through the 1.07630 key zone and dropped to the 1.05360 key level.
Now that a new month is upon us, it remains to be seen what the market will bring. But buyers are already showing signs of positive engagement on the daily chart, and they are hoping to extend their gains and push the EURUSD back to the 1.07630 price level. If they can muster the strength to do so, it could be a thrilling run for the EURUSD. The Parabolic SAR (Stop and Reverse) indicator is still in phase with the bulls’ engagement on the daily chart. although the MACD (Moving Average Convergence and Divergence) indicator still shows a price-selling tendency with a decline in the bearish histogram. The general phase may still show a bearish trend, but buyers are still on the move to the 1.09890 key zone.
It will be interesting to see how the EURUSD develops in the coming weeks. Buyers are certainly eyeing a run back to the 1.07630 price level, but only time will tell if they will be able to make it happen.
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