EURUSD Analysis – Buyers Are Looking Out for a Bullish Moment
The EURUSD seeks a cross beyond the 1.07060 key zone. A fresh season is already open for the currency pair to play out. Since the end of the previous year, the bulls have made a concerted effort to push the price impact forward. Even though the traders are still on holiday break, we are yet to see more expansion as price trends play out. With more willingness from the buyers, there could be a cross beyond the 1.07060 monthly high level as the week unfolds. The sell traders are moving away from this level as we speak. More bullish pressure will result in a buying tendency.
EURUSD Market Levels
Resistance Levels: 1.07060, 1.02410
Support Levels: 1.00820, 0.95900
The beginning of the last quarter of the year 2023 has been sustained by bullish progress. There have been more reasons for the buying tendency as buyers continue to conquer more order blocks. The buyers broke away from the seller’s pressure. The sellers have been manipulating prices since May 2023. Before the further breakdown, the 1.07060 key zone had been reacted to. Sellers are positioned for more orders in the market.
As time went on, buyers were able to fight their way out. With more strength being supplied across the market, the currency pair continues to subdue several key zones. Ever since the Moving Average crossing signaled a cross-over in November, the bulls have continued to sustain their buying power. The daily chart shows prices oversold on the Stochastic line graph. As a result, buyers are gaining momentum to subdue the price. The MFI (Money Flow index) still shows price flow in bullish action.
There is still excitement on the buyer’s side to spring up further in the market. Despite the current holdback, buyers are more likely to pull out beyond the 1.07060 key zone as we anticipate more expansion.
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