EURUSD Analysis – Bullish Pace Slows Down
EURUSD has seen buyers slip at the beginning of the new year. The buyers faced a stumbling block as they were opposed at the significant level of 1.11420. The sellers are now showing serious interest, to break the key level of 1.0070. This can result in either a further plunge or a rebound by the buyers in this new year.
EURUSD Key levels
Resistance Levels: 1.12780, 1.11420
Support Levels: 1.07230, 1.05310
In December, the Bulls finished with a strong performance. However, throughout 2023, the EURUSD price experienced different fluctuations at various intervals. The bulls initiated their pressure at certain points, but sellers also exerted their influence. The buyers regained strength after consolidation at a significant level of 1.05310 in October. From this key level, the euro began to gain more strength against the US dollar. Towards the end of 2023, the buyers pushed the price up to the significant zone of 1.11420.
As the year 2024 unfolds, buyers may be more optimistic than ever before. However, the US dollar is gradually regaining ground against the euro at the start of the year. The Relative Volatility Index (RVI) may intensify the cancellation of buyers’ volatility for a while. The Money Flow Index signal line is still in the positive region, indicating some buying pressure.
The buyers will certainly need to gain more intensity for a solid breakthrough. Although the buyers face challenges at the moment, their optimism and potential for increased intensity may lead to a solid breakthrough in the future.
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