EURUSD Analysis : Buyer Momentum Surfaces
EURUSD slows down bearish operations. The price has shifted its focus this week, with buyers gaining momentum and driving the market higher. Traders are closely watching to see how far this newfound buying interest can take them.
The ultimate target for buyers is to overcome the formidable 1.06500 significant level. However, strengthening their position has proven to be a challenging task. The market has long been under the influence of sellers, as they have maintained control over the EURUSD price.
EURUSD Key Levels
Resistance Levels: 1.12750, 1.09460
Support Levels: 1.06500, 1.04510
The Bulls have repeatedly attempted to stage a comeback and push beyond the 1.06500 significant level, but their efforts have fallen short. Nonetheless, buy traders remain determined and poised to launch an offensive. The Moving Average Crossing indicator has yet to provide a clear signal regarding a solid bullish reversal.
Market Expectation
This week commenced with buyers gradually gaining ground, and their attention is firmly fixed on reaching the 1.06500 significant level. Should they face rejection at this critical juncture, it may provide an opportunity for sellers to reassert their influence. The Relative Strength Index (RSI) currently registers below the 40.00 significant level, underscoring the presence of buyer confidence in the market.
On the 4-hour chart, there is no confirmed sell opportunity yet as buyers continue to be the dominant force in the market. The buyers are displaying a clear determination to secure their position this week. The EURUSD market is poised for further developments, and traders should remain vigilant, closely monitoring how events unfold.
Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply