EURUSD Analysis – The Sellers of Eurusd Are Currently Opposing the Buying Tendency in the Market
EURUSD sellers are currently opposing buying tendencies in the market. At this time, the buying power of the EURUSD price could not withstand the selling influence. This consequently gave them the upper hand in the seller's market even though there has been a recent trend towards a negative price trend overall. As soon as the price dropped to the 1.03500 critical level, the buyers started buying contracts.
EURUSD Key Levels
Resistance Levels: 1.11780, 1.09410
Support Levels: 1.07860, 1.03500
After a few shots of sideways movement occurred above the 1.11780 critical level. The subsequent events were followed by a bearish effect lower, which happened as a result of the critical level being dispelled below. On the trend line, bearish lower highs and lows are formed.
A price break below the key level of 1.09410 triggered a more bearish order flow. The value of EURUSD considerably dropped until the price level eventually reached the 1.03500 fundamental level. The market pulls back to the 1.07860 key level, followed by a significant drop. Another display of buying strength began before the sellers' interference began. The Stochastic Oscillator gives a sudden cross, indicating that the market will go lower until the buyer's strength increases.
On the four-hour chart of EURUSD, a buying tendency is being challenged by a declining buying signature. The price has begun trading with a candlestick opening higher than the line that represents the midpoint of the Bollinger Band indicator. This provides a hint that buyers will continue to push the price up to 1.07860 despite competition from sellers.
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