EURUSD Analysis – The Bulls are Reviving Strength
EURUSD price gains momentum amid the consolidation phase. The EURUSD market has been experiencing a consolidation phase, with the bulls making a notable contribution at the start of this week. Although no major activity has been observed, the price is still trading below the significant level of 1.08660.
EURUSD Key Levels
Resistance Levels: 1.11400, 1.09930
Support Levels: 1.08660, 1.07000
The current market conditions present an excellent opportunity for buyers to push through the significant level of 1.08660. Despite the consolidation phase, the buyers have grown stronger over the past week compared to the start of the year. Since January, the Euro market has been in a weak phase, but the recent resurgence of the bulls indicates a potential shift in market dynamics.
In early February, the bears managed to push the price below the 1.08660 market level. The US dollar appeared to grow stronger, causing the price to decline further to the crucial level of 1.07000. However, at this level, a reversal occurred, and the currency pair started to show signs of bullish momentum. Throughout last week, the bulls made significant progress, but the price remains in a consolidating phase below the 1.08660 level.
Market Expectation
For traders to have a stronger edge in the market, there needs to be more build-up this week. The price Oscillator is gradually picking up pace, indicating a potential increase in momentum. This build-up is crucial for the bulls to break through the consolidation phase and make further progress towards higher price levels. Traders should closely monitor the market and look for signs of increased bullish activity. Forex signals provide traders with valuable insights into the market.
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