EURUSD Bulls Make Significant Market Moves to End the Bearish Regime

EURUSD Price Analysis – December 7

EURUSD Bulls make a significant market movement to put an end to the ongoing bearish regime. Having tried unsuccessfully to stop the bearish regime at different price stops, buyers have raised yet another stop to prevent the market from falling further. As the price falls to the significant level of 1.03680, EURUSD makes a bullish engulfment candlestick to reach 1.04450.

EURUSD Significant Levels

Resistance Levels: 1.08930, 1.07390, 1.05890
Support Levels: 1.03680, 1.04450, 1.05400

EURUSD Long Term Trend: Bullish

The bearish regime began after the bulls tried to raise the market. However, rejection at 1.09320 sent the price spiraling downward even harder. A strong critical level of 1.08200 did not even hinder the EURUSD for long before it dropped lower. The market crashed through several price levels, including key holding zones at 1.07010 and 1.05400. It was assumed that 1.04450 would halt the market’s fall, but it failed as well.

On the 26th of November, the price drops below the 1.04450 holding level and slides along the middle line of the descending channel to reach 1.03680. It is assumed that there is finally a hold of the bulls in the market as a bullish engulfment candle tries to drive the price out above the descending channel. The ATR (Average True Range) indicator shows that despite price declines, there has been a steady increase in market volatility, which bulls are taking advantage of.

EURUSD Long Term Trend: Bearish

The 4-hour chart shows much progress from the buyers. The price broke upwards of the channel but met resistance at 1.04450 to drop back into the channel. In so doing, the RSI (Relative Strength Index) has its signal line rise above the 50 mark and then drop back below it.

Bulls are expected to hit harder a second time in the market to cause a price reversal. 1.05040 is the target.

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