EURUSD Analysis: Buyers Resume the Race Above the 1.07480 Key Level
EURUSD plans to recover strength following a pullback to the 1.07480 market level. The bulls have been playing a dominant role as of late. The buying resilience has been a little amplified on the currency pair, with several factors giving support to the market. As at last week's trade, the buyers made a solid push forward, which led to them reclaiming the 1.07480 key zone. However, with the successful breakthrough came a setback in the price action. This implies that the sell traders stepped in to hold the price back to the 1.07480 key level. As the new week now plays out, traders are now hoping for more buying resilience on the EURUSD price.
EURUSD Key Levels
Resistance Levels: 1.09950, 1.07861
Support Levels: 1.0000, 0.95740
The EURUSD price has been heavily influenced by the bulls since they surpassed the parity level last year. However, before this, the sellers pushed the price action down below the 0.95740 key zone. This prompted the buyers to gain momentum and take control for a prolonged period. The bulls held their ground until the price approached the significant level of 1.09950, at which point the sellers were able to bring the price activity down near the 1.05440 key level.
Currently, the buyers have regained their footing and are working to push the price closer to the 1.09950 significant points in the market. This ongoing battle between the bulls and sellers highlights the volatility of the EURUSD price and the importance of monitoring key levels to make informed trading decisions. As the market continues to fluctuate, it will be interesting to see which side ultimately prevails.
The 4-hour chart shows that the price-buying action is gathering strength. Following this pullback, traders are now making attempts to pull forward in the short time frame. Buy traders should therefore brace for more buying impact back to the 1.09950 key level.
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