EURUSD Analysis – Buyers Are Building Pressure
EURUSD continues its bullish stretch and is unwilling to back down this week. It’s another time for the bulls to flex their muscles again. The pair continues its bullish stretch, with buyers displaying resilience and maintaining dominance. A breakout beyond the 1.09680 key zone is becoming plausible, suggesting the potential for further expansion. Despite a brief downturn in the previous week, buyers have remained active, contributing to a notable bullish sentiment in the Euro market.
EURUSD Key Levels
Resistance Levels: 1.12910, 1.09680
Support Levels: 1.07590, 1.04370
In October, the bulls exhibited robustness, countering the prevailing bearish flow since July. The bears had gained the upper hand when buyers failed to breach the 1.12910 significant level. However, with increased aggressiveness from the bulls, EURUSD experienced a revival in pace and solid gains in October. The bullish momentum continued into November, with expectations of a breakthrough to the next order level as momentum builds.
Above the 1.09680 significant level, there might be a slowdown in price pace, as indicated by the RSI (Relative Strength Index). This indicator is pointing towards an approaching peak in bullish strength. Despite this, buy traders remain determined to make further expansions.
On the 4-hour chart, the bullish momentum is slowing down. This suggests that buyers need to replenish their strength before taking potential actions later in the week. Traders need to keep track of the price decline this week. The bulls could have a strong recovery, leading to more liquidity purges later on.
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