EURUSD Analysis – Buyers are Seeking a Breakthrough
EURUSD positive trend suggests a breakthrough. The EUR/USD pair is currently on the verge of reaching another significant market level. The buyers have shown resilience, and their efforts have been strengthening particularly the previous day. They have managed to build a stronger defense against the selling pressure. The presence of an engulfing candlestick, wherein the bullish candle overshadows the bearish candle. This indicates the intention of the bulls to move the price higher.
EURUSD Market Levels
Resistance Levels: 1.10400, 1.12780
Support Levels: 1.07230, 1.04450
If the EURUSD successfully breaks through the significant level at 1.101400, it could potentially rise with the support of bullish strength. It’s worth noting that buyers were initially rejected at this key level in early December, which resulted in a breakdown to the 1.07230 significant level. However, the buyers responded well and showed determination to push the price higher thereafter.
The last week of the year will provide further insights into whether the buyers are committed to a solid revival. Market traders are anticipating that the price will surpass 1.10400 and potentially reach the key level at 1.2000.
The bullish strength is gradually gaining confidence, as indicated by the increasing strength of the Relative Volatility Index (RVI) The same goes for the upward movement of the price Oscillator indicator. These factors suggest that the bulls may be developing a stronger resolve to push the price higher.
Before the year comes to an end, buy traders are hopeful of achieving more gains. It will be essential to monitor the price action to determine whether the bullish momentum can be sustained.
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