EURUSD Analysis – Traders Are Weighing the Market Strength Below the 1.05970 Key Zone
EURUSD traders are weighing the market strength below the 1.05970 key zone. The bear merchants are examining the pair as regards its bearish continuation. We must therefore find out whether the selling significance is still in motion. Following a break in the trend hallway where the bearish display was evident, the bears have rolled out their resilience. However, before traders can sell off their positions, there has to be a retracement back to the 1.05970 key level. This is currently taking place as the buyers are currently retesting the level. The market traders can therefore go ahead and trade-off the price following the confirmation.
EURUSD Key Points
Resistance Points: 1.22120, 1.11880
Support Points: 1.08040, 1.05970
The bearish effect has been dominant on the EURUSD pair. The price fell right away from the 1.22120 support level. From this point, the sellers augmented the bearish channel. EURUSD bullish impact continues to fall off as sell traders continue to envelop it. The bulls have been less concerned as numerous levels are being reacted to. This gave room for a narrowing in price tendency inside the channel.
The bearish trend arrival at the 1.08040 key point gave the price away further as the trend line was eventually broken outward. A reaction is ensuing at the 1.05970 significant point due to price retracement back to this point. The daily chart, therefore, proposes the EURUSD pair to rebound at the 1.05970 crucial point. The Parabolic SAR (Stop and Reverse) has yet to annul its downward direction across its pair.
The market is now accumulating as a consequence of the bearish outlook. Price will continue to fall below the 1.05970 critical level after it regains its strength. The lines of the MACD (Moving Average Convergence and Divergence) indicator show that price is still accumulating as bearish motion is set to begin below the 1.05970 key point.
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