EURUSD Analysis – Buyers Are Seeking Recovery
EURUSD price could still face bearish heat this week. The EURUSD price is facing the possibility of bearish pressure this week, as the market has been slated for a downpour for weeks. The bears have been actively trading and pulling the price lower, although the bulls added some gains last week. However, their actions are not likely to cause a strong reversal in the EURUSD market. The pair has been experiencing bearish heat since the price moved close to the significant level of 1.11450, signaling a potential reversal in the market.
EURUSD Significant Levels
Resistance Levels: 1.11450, 1.12940
Support Levels: 1.07180, 1.05200
The euro has been weak, especially at the beginning of the new year. In early January, the bears penetrated through the 1.09990 price level, leading to further losses as sellers pushed the price down to the significant level of 1.07180. Although the buyers have shown great effort to challenge the sellers throughout last week, if their pressure intensifies, the market will be forced lower this week. The moving average crossing is still nesting above the candlestick, acting as a resistance line. This indicates that bearish pressure is still present in the market.
The Stochastic Oscillator, an indicator used to measure momentum, is on the rise as buyers make a comeback. However, traders should still look out for a potential cross in the indicator before making any trading decisions. A cross could indicate a shift in momentum and provide valuable insights for traders.
To make the right trading decisions, traders should consider using the best forex signals. These signals provide analysis and recommendations from experienced traders. It helps traders stay up-to-date on market trends and identify potential entry and exit points.
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