EURUSD Analysis – Price Is Looking to Trade In the Bear Market After a Reversal at the 1.16700 Level
EURUSD is looking to trade in the bear market as the market awaits a reversal at the 1.16700 significant price level. The market, however, consists of the bulls and bears alternatively making a significant contribution to the market flow. This implies that, as the bears try to drop the market down, the bulls also try to control the order flow of the financial markets. Since the bears hold more strength in the market, the price is therefore set to allow the sellers to move the market with strong momentum downward.
EURUSD Significant Levels:
Resistance Levels: 1.22700, 1.9900, 1.19000
Support Levels: 1.16700, 1.15900, 1.15300
EURUSD at the lowest level of the 1.15300 price level gained bullish strength, and the buyers drove the market upward, breaking through 1.15900. With this movement, we can see the price further breaking through other significant price levels before heading to 1.16700 significant prices. The market is therefore expected to reverse its course at this level, and price movement is assumed to go lower.
EURUSD has generally maintained a bearish trend for a long time, as the price is seen following a downtrend. The market generally has been breaking through several significant price levels, creating significant lower highs and lower lows. The price first breaks through the 1.16700 significant price level and then pulls back to the level before bearish activity continued. Currently, the Parabolic SAR (Stop and Reversal) displays the price rising following the candlesticks towards the 1.16700 significant price level.
On the 4hour chart, the market that was following a downtrend is now seen rising. EURUSD has already broken the 1.15900 significant price level and the price is heading towards the 1.16700 significant price level. The RSI (Relative Strength Index) indicator shows price movement above the 50.00 level, indicating nearness to the overbought region. The price is therefore expected to reverse following a retest at this level as the market looks to trade in the bear market.
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