EURUSD Analysis: The Market Is Focusing On a Touchdown at Strong Support of 1.08030
EURUSD is focusing on price touchdown at strong support of 1.08030. The market is expected to push downward following a rebound at the key level of 1.11200. Since the buy traders failed to manipulate the price trends to rise above the 1.11200 key level, the sellers are speculating on the market tendency to allow a selling moment back to the 1.08030 significant level. When price momentum increases, it will tend to push the price tendency below the 1.0830 market level.
EURUSD Significant Levels
Resistance Levels: 1.21900 1.15100
Support Levels: 1.11200, 1.08030
The EURUSD market is speculated to be in a prevailing bearish trend. However, when price action retested the 1.21900 significant level, the selling influence began. The price action begins to rally in the EURUSD market. The 1.15100 key level was broken in late November 2021, followed by a retest in the price structure. Nevertheless, the bears are focusing on pushing the price tendencies downward in the market.
However, there were a series of consolidations before the sellers eventually broke through the 1.11200 significant level. Following that, the price is now falling back to the 1.08030 key level in the market as the bearish momentum persists. The momentum indicator shows the influence in price as the market is settled in a bearish market. As the bearish trend continues, the RSI (Relative Strength Index) indicator shows prices falling into the sell zone.
The bears on the 4-hour chart continue to influence price movement. The sellers are currently focusing on a touchdown at the 1.08030 key level after a retest at the 1.11200 significant level. The Relative Strength Index keeps dropping in the sell region as the bearish phase continues.
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