EURUSD Analysis – The Market Continues With a Downward Price Offshoot
EURUSD continues with a price offshoot downward following a rebound at the 1.05950 significant level. The prospects in the market are causing a significant drop. EURUSD market originally follows a downtrend formation, but, presently, the price tendency is set to continue in a bearish offshoot
EURUSD Key Zones
Resistance Zones: 1.15180, 1.11990
Support Zones: 1.080110, 1.05950
The price influence was first assembled from a bearish order downtrend channel in the EURUSD market. The sell traders significantly dropped the price impulse as the market began to swing downward. This caused a break of several price levels in the market. As the drawdown continued, the price broke through the 1.11990 significant level. However, the buyers are also having a significant impact on the market as the swing tide continues downward.
On the daily chart, the market finally broke away from the descending channel and the price broke through the 1.05950 significant level. The price now seeks to rebound from this same level before a bearish continuation in the market. The Moving Average Crossing shows the price odds of continuing with its breakout. Once the retest is done, there will be more bearish flow.
The 4-hour chart shows price movement downward in the market. As the Moving Average crossing continues to give a resistance line on the candlestick, so too, the momentum indicator is increasing progressively in the market. Market participants should therefore watch out for a rebound near the 1.05950 significant level of the market as the bearish trend continues. The sellers, therefore, will continue to seek more influence in the market as the impulse increases with time.
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