EURUSD Plans a Recovery Back to the 1.10630 Market Level

EURUSD Analysis – The Buyers Hope to Recapture the 1.10630 Price Level

EURUSD plans a recovery back to the 1.10630 market level. The currency pair is currently at a critical decision-making point as buyers attempt to make a recovery. For weeks now, the bulls have been in control of the market trend, running up to the 1.12540 market level. However, sellers managed to breach this level, dropping the price below the 1.10630 market level.

EURUSD Key Levels

Resistance Levels: 1.12540, 1.10630
Support Levels: 1.08540, 1.06890

Now, it appears that buyers are beginning to gain strength, potentially breaking or retesting the 1.10630 key zone. The Stochastic Oscillator indicates that buyers are pushing forward. They are closing down towards the oversold region. This suggests that the momentum of the currency pair is in favor of a recovery. It is likely to reach the 1.10630 market level.
Tracing back to the middle of July, the bulls have been in charge of the price trend. After a retest at 1.08540, buyers managed to gain momentum, pushing the EURUSD price to the 1.12540 market level. Despite the strong bullish run, sellers managed to break through this level. They are dropping the price back below the 1.10630 market level. It remains to be seen whether buyers will be able to break or retest the 1.10630 key zone. However, it appears that the current trend is in favor of a recovery, as indicated by the Stochastic Oscillator. If buyers continue to gain strength, the EURUSD currency pair may be able to reach the 1.10630 market level.

Market Expectation

On the short-term trend, the market is seen as bearish despite price recovery. The buyers hope to recapture the price back to the 1.10630 market level before the sellers gain strength. Nevertheless, the Moving Average crossing is sliding lower in response to buying gains. The buyers have therefore decided to drag the price forward again.

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