EURUSD Analysis – Price Is Seeking a Retest at the 1.15900 Critical Level
EURUSD is seeking a retest in a falling market condition. The market is following a bearish trend and is seen dropping lower, breaking through multiple significant price levels. As the bears continue to gain power, the bulls are also trying to gain a position in the market, thereby causing a strong retracement to critical levels. EURUSD is, however, seeking a retest before the falling market continues.
EURUSD Critical Levels:
Resistance key Levels: 1.22600 1.19000 1.15900
Support key Level: 1.19900 1.16600 1.15200
Before the emergence of the bearish movement, there was first a tug of war between buyers and the sellers such that the market remained indecisive. The price ranged between the critical levels of 1.2200 and 1.19900. Due to this accumulation, the bears gained pressure to push the price lower, bypassing multiple levels before another consolidation begins.
EURUSD also ranged between the 1.19000 and the 1.16600 levels. After the long consolidation, the price accumulated and broke downward. As the price continues to fall, it retests previous critical levels. The MA (Moving Average) crossing indicator, however, is following the downtrend after a downward cross. The indicator is acting as resistance above the candlesticks. This signals that price is in the bearish direction.
Market Expectations
On the 4hour chart, the market is seen trading lower. EURUSD broke through 1.15900 and is seeking to retest it before the bearish movement continues. The RSI (Relative Strength Index) shows price movement at the 50.00 level, which is the middle level. The market is still accumulating, seeking to retest the 1.15900 significant level. Price is, however, expected to push higher before the bears continue to ride lower.
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