EURUSD Is Consolidating Between Key Levels

EURUSD Price Analysis – January 10

EURUSD is consolidating between key levels at 1.1380 and 1.1230. The market has been faced with overall weaknesses. At the end of August and into early September, the market was overbought. This stochastic reveals that the market was ready to go short. The 9 moving average crossed above the daily candles to sink the price.

EURUSD Major Key Levels

Resistance levels: 1.1680, 1.1380
Support levels: 1.1530, 1.1230

EURUSD Long Term Trend: Bearish

The market was consolidating between 1.1680 and 1.1530. The consolidation lasted all through October and into early November. The bulls stormed the market heavily on the 10th of November and broke through the defended demand zone at 1.1530. The Moving Average period 9 led the market to the 1.1230 level.

The bulls tried to regain control of the market. The bullish move was halted suddenly at the 1.1380 key level on the 30th of November. The second phase of consolidation in the last quarter of the year was initiated. The rejection at the key level is spotted with a sharp wick above the bullish candle. The bulls and bears have been at break even with consolidation between the 1.1380 and 1.1230 levels.

EURUSD Short Term Trend: Ranging

The Moving Average on the daily is resting around the midpoint of the key levels between 1.1380 and 1.1230. This is also similar to the four-hour chart. The stochastic on the four-hour chart has moved from the oversold region. This is seen with bearish candles. The bearish move is likely to pause halfway. The price might also seek support at 1.1230.

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