EURUSD Analysis: Buying Pressure Is Currently on Hold
EURUSD sellers continue to lower supply strength as buying pressure is currently on hold. The market pair has been on a steady decline as sellers have been able to overpower the bullish strength. The pair has dropped from the 1.09960 key zone and is now trading below the 1.07210 significant level. This indicates that the sellers are in control of the market and that the bearish trend is likely to continue in the coming days. The key levels to watch are 1.09960 and 1.07210, as these are the key levels that could indicate a change in the trend.
EURUSD Key Zones
Resistance Zones: 1.09960, 1.07210
Support Zones: 1.05370, 1.0000
It is undeniable that the bulls have been making a strong comeback in the market. After the bearish stance created by the bears last year, the bulls have been doing their best to reclaim order blocks that have been reacted to. They have been able to push the price tendency from the parity level up to the 1.09960 key zone, which is a remarkable accomplishment. The bulls have been able to reclaim order blocks above the 0.97010 key zone, which was the point where the bears had exhausted their strength. This has led to an increase in buying momentum as buyers were seen fighting for their ride on the daily chart. The bulls have been able to ignite their strength and push the price back up to the 1.09960 key zone.
The bulls have been able to make a strong comeback in the market and reclaim order blocks that have been reacted to. They have been able to push the price tendency from the parity level up to the 1.09960 key zone. However, this psychological level hasn’t been broken yet by buyers as of late. This has therefore resulted in a bearish inclination. The bearish tension keeps growing on the Parabolic SAR (Stop and Reverse) indicator. The MACD (Moving Average Convergence and Divergence) indicator is also falling in line with the bearish trend on the daily chart.
On the lower time frame, sellers are becoming more powerful as bearish activity persists. Traders should therefore expect room for more bearish displacement down to the 1.05370 key zone.
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