EURUSD Analysis- Buyers Yield More Gains on the Currency Pair
The EURUSD price moves in bullish favor. The price has recently been moving in a bullish direction as buyers gain momentum on the daily chart. This is a significant change in the overall bearish trend that has been seen for the past few weeks. The EURUSD bulls are gaining strength, as evidenced by the temporary pullback in the market. This opinion is likely to hold if there is a smaller influx of buy traders on the daily chart. This implies that if buyers can boost price liquidity, the price trend will change. This will give buyers more opportunities to raise the bar in the market. This will also lead to a higher EURUSD price.
EURUSD Key Zones
Resistance Levels: 1.07620, 1.09870
Support Levels: 1.00000, 1.05320.
The EURUSD currency pair has been in a bearish trend for the past few months, with buyers unable to break through the 1.07620 key zone. Since the beginning of February, the market has been in a downward spiral, with sellers pushing the price down to the 1.05320 significant level. However, buyers are now making a comeback as they attempt to fight back against the bears. The Money Flow Index is currently showing price action in the positive region, indicating that buyers have the upper hand. This suggests that the EURUSD could be headed for recovery, as buyers gain more ground.
The bears are still in control of the market, but buyers are slowly pushing back. If the buyers can maintain their momentum, then we could see the EURUSD make a strong recovery shortly. However, if the bears regain control, then the price could continue to fall.
Market Expectation
The current bullish trend is expected to continue if buyers can maintain their momentum and keep the influx of buy traders on the daily chart. This will give buyers more opportunities to raise the bar higher in the market and increase the EURUSD price. If this trend continues, the EURUSD price will likely continue to move in a bullish direction.
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