EURUSD Analysis – Sellers Seek a Correction Back to the 1.09170 Key Zone
EURUSD targets the 1.10550 resistance level despite sellers’ interest. Fiber has been on an upward trend in recent days, breaking through the 1.09170 resistance level to reach the 1.10550 resistance level. targets the 1.10550 resistance level despite sellers’ interest. Fiber has been on an upward trend in recent days, breaking through the 1.09170 resistance level to reach the 1.10550 resistance level. This impressive show of strength by buyers has come at the expense of sellers, who have been unable to prevent the market from reaching this key level.
EURUSD Market Levels
Resistance Levels: 1.10550, 1.09170
Support Levels: 1.06830, 1.02500
The recent surge in buying activity started in the 1.06830 supply zone, and the bulls have been relentless in their pursuit of further gains. They have now set their sights on the 1.10550 resistance level, which, if broken, could lead to further upside momentum. The sellers, however, have not been idle either. They have been quick to respond to the market’s breakout and have been putting up a fight to prevent the bulls from achieving their goal. As of now, the buyers still have the upper hand, and the market is showing signs that it could move even higher.
Market traders are watching keenly to see if the pullback will occur at the 1.09170 key level as expected. If the sellers are able to gain ground and supply at this level, traders who are looking to buy can enter the bullish market with confidence. The Money Flow Index indicator is moving close to its climax region, which further suggests that a potential pullback is imminent.
However, due to the bullish strength that is still prevailing in the market, this pullback is likely to be short-lived. The Parabolic SAR (Stop and Reverse) is still pressing higher on the EURUSD price, which is a sign that the market is still in a bullish state. This implies that any pullback should not be seen as a sign of a reversal in the market but rather as an opportunity to enter the market at a better price.
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