EURUSD Price Continues Its Bearish Turn

EURUSD Analysis – The Market Is Still on the Fall

EURUSD price continues its bearish turn this week. Last week, the bears gained favor and planned to make further pulls. The buyers have been unable to make a significant impact, which has allowed the sellers to take advantage and sell short. This week has continued in the same vein, with the sellers close to breaching the 1.10470 market level. In addition, the bulls have failed to breach the 1.2380 level after escaping from the consolidation zone.

EURUSD Market Levels

Resistance Levels: 1.12380, 1.10470
Support Levels: 1.08320, 1.06890

The EURUSD price has been stuck in a consolidation phase between 1.10470 and 1.05220 for most of this year. Although the recent bullish opportunity saw buyers break through the 1.10470 level, the price is now on the decline. This means that the sellers are currently in control. A fallback could be in the cards. The bears may be the ones to benefit from this situation. If the sellers breach the 1.10470 level, then they may be able to push the price further downward.

The recent bearish setup on the EURUSD price has been confirmed by the Stochastic Oscillator on the daily chart. It has taken a sharp turn from the buying direction. This suggests that the market sentiment is bearish and that a further decline in the price is expected. Traders should keep a close eye on the EURUSD price and the 1.10470 level, as this could determine the future of the market.

Market Expectation

On the 4-hour chart, the buying momentum of the bulls has been relinquished, indicating that they may be losing control of the market. However, this does not mean that they are completely out of the game, and a reversal is still plausible around the 1.10470 mark.