EURUSD Analysis – Price Remains Indecisive Close to the 1.06000 Pivot Level
The EURUSD is losing momentum as buyers try to break through. At the moment of writing, the price is currently losing buying strength. Buyers have been building up strength for a while, and we still hope for a rally as bullish momentum increases in the coming days. The EURUSD bullish run has been hindered lately by sellers at some points. Sellers nested price volume back to this level during the price break beyond the 1.02390 key zone before the price continued to rise. As buyers prepare to push through, sell traders have recently retraced back to the 1.04640 key level.
EURUSD Key Zones
Resistance Zones: 1.08240, 1.06000, 1.04640
Support Zones: 1.02390, 1.00030, 0.95740
The current state of the EURUSD shows price stagnation below the 1.06000 market level. This could also imply that if buyers are not strong-willed enough, prices could dovetail downward. However, buyers still appear to remain in control despite sellers’ intervention. The bulls have set up their fight against selling influence for early November 2022. The buyers managed to break through the consolidation phase, which erupted in October 2023. The buyers were able to break above parity. This, however, provided buyers with the impetus to move forward in the market.
The US dollar continues to fight back as buying prices rise. As the moving average crossings of days 9 and 26 expand from each other, the buy traders continue to advance. As we speak, the money flow index is still structured in a bullish direction. However, the RSI (relative strength index) has been trading in overbought territory for days as buying momentum continues to shorten.
Despite selling pressure causing a market halt, buyers continue to push forward. More setup of a buying moment could help cause a breakout beyond the 1.06000 resistance level in the coming days. The money flow index is currently increasing as buyers keep opening more opportunities in the market.
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