EURUSD Is Indecisive as It Remains Confined Between Key Levels

EURUSD Price Analysis – December 28

EURUSD is indecisive as it remains confined in consolidation above the 1.12020 significant level. EURUSD is being confined from above by the 1.13840 resistance level. The market remains indecisive as to whether to effect a U-turn or plunge further. Sellers and buyers, therefore, can be said to be at loggerheads as neither has a greater influence in the market.

EURUSD Key Levels

Resistance Levels: 1.13840, 1.22620
Support Levels: 1.09900, 1.12020

EURUSD Long Term Trend: Ranging

EURUSD dropped after striking 1.22620 for the second time within the space of two months. This led to a double top bearish price pattern. What follows is a severe plunge in the market in which several key levels were violated. Price, however, found resistance going downward at 1.17130, which is the neckline of the double top formation. There was also an unsuccessful resistance to the market drop at 1.15180.

Buyers will eventually put a stop to the market’s fall at 1.12020 as they confront the sellers with equal strength. The result is that the price has been indecisive for more than a month, ranging between 1.13840 and 1.12020. While the EFI (Elders Force Index) essentially shows market equilibrium, there is currently a bias towards the bulls as the power line remains at a positive value.

EURUSD Short Term Trend: Ranging

On the 4-hours chart, EURUSD maintains its indecisive trend as it keeps moving sideways with miniature candlesticks. Just like on the daily chart, the EFI indicator is giving a bias to the bulls amidst market equilibrium. This sentiment is also echoed by the RSI (Relative Strength Index), which is hovering above the zero level from a bullish position. Market forces could shake up the price dormancy and push it to 1.15180.

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