Bears’ pressure is increasing in EURUSD market
EURUSD Price Analysis – 25 November
If sellers can break through the support level at $1.03, they might be able to push the price down to the $1.02 and $1.01 barrier levels. If buyers can hold the price over the $1.04 barrier, prices may surge above the resistance levels of $1.05 and $1.06.
EUR/USD Market
Key Levels:
Resistance levels: $1.04, $1.05, $1.06
Support levels: $1.03, $1.02, $0.01
EURUSD Long-term Trend: Bearish
The daily chart’s downward trend is confirmed by the Double Top chart pattern that forms at the $1.12 level. The currency pair loose up steam on October 01 at $1.12 level. It decreases below the $1.06 barrier. The speed of the bulls had decreased. The price began to decline as bears gained strength. The resistance range of $1.05 to $1.06 was broken. It drops and breaks through its prior $1.05 support level. The sellers prohibited the purchasers from exceeding the cap on their offer since they were so eager to close the deal. As additional retailers joined the market, the price dropped to less than $1.04. Right now, bears are making a lot of effort to break through the $1.03 support level.
According to the recommendations of the forex signals, the Hull Suite indicates that the market is turning negative. If sellers can break through the support level at $1.03, they might be able to push the price down to the $1.02 and $1.01 barrier levels. If buyers can hold the price over the $1.04 barrier, prices may surge above the resistance levels of $1.05 and $1.06.
EURUSD medium-term Trend: Bearish
The EURUSD has confirmed a medium-term negative reversion. The currency pair has been under bearish pressure for more than six weeks. At $1.12, a double top chart pattern emerges. As it approached $1.09 and finally passed it, the price began to decline; it was easy to drop below $1.07 after that. When the price dropped below the Hull Suite signal, large bearish candles appeared. The amount falls to $1.06 from $1.08. The cost per unit is getting close to $1.03.
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