EURUSD opened in the year 2022 at 1.13695. All through 2021, EURUSD was majorly bearish with 8 out of 12 of the monthly candlesticks being bearish. The pair continued its bearish run as it entered 2022 and found support at 1.07574.
Despite the continuous fall, there have been a few times when the bulls tried to trigger a rally. However, each time this happens, the bears overpower the bulls and send the price further downwards. On the 4-Hour timeframe, the price has indicated oversold positions since the first week of April. Despite this indication, the bears are still dipping the price of EURUSD.
There are indications that the price could rally, against the current odds, to 1.11542 as the price recovers in the coming weeks. Currently, the price has crossed over to the upper region of the Bollinger Bands which could be an indication of the next bullish run.
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