EURUSD Analysis – EURUSD Changes Price Bias as Bulls Face Rejection Near the 1.11300 Key Zone
EURUSD changes price bias as bulls faces rejection near the 1.11300 key zone. Due to bearish manipulation, buyers are expected to experience price rejections and opposition near this key level. The lack of buyers' effort to exert more pressure on the EURUSD value gave room for the sellers to change the price bias in the market. A bearish turnover is therefore seen on display. The sellers, with their expectations, will pull the market downward back to the 1.08080 key zone.
EURUSD Significant Levels:
Resistance Levels: 1.19800, 1.14900
Support Levels: 1.11300, 1.08080
The sellers fixated price orders following a breakthrough in price around the 1.9800 key level of June 2021. On the other hand, they swing prices moments after the price rebounds back to the 1.9800 significant level. However, the bearish components proceeded downward with the market, with the Parabolic SAR (Stop and Reverse) indicator trending downward with the market. The price movement cracked through the 1.4900 significant level in the market as the tendency continued.
Before further bearish downplay, the EURUSD consolidated between the significant points of 1.14900 and 1.11300. As a consequence of the price accumulation, the bears further distributed the price below the 1.11300 key level. The price broke through the 1.08080 significant level, and the price is currently rejecting a bullish takeover in the market despite the Parabolic SAR indicating an uptrend formation. However, the price is set to change back to a bearish trend in the market.
The 4hr gives a vivid picture of the bears' solid involvement in the market. The price is settled to follow a bearish bias resulting from price rejection to break over the 1.11300 significant level. The points' solid response points down to the 1.08080 significant points in the market as the bearish order continues in the market. The RSI indicator shows a price moment close to crossing the middle zone, thereby indicating a bearish continuation in the market to the 1.08080 significant level.
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