EURUSD Cost Per Unit Is Getting Close to $1.06

More retailers join EURUSD market

EURUSD Price Analysis – 11 November

If sellers can overcome the support level at $1.06, they might be able to push the price down to the $1.05 and $1.04 barrier levels. If buyers can hold the price over the $1.07 barrier, prices may surge beyond the resistance levels of $1.08 and $1.09.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.08, $1.09

Support levels: $1.06, $1.05, $1.04

 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 picks up steam on September 30 and surpasses the $1.12 barrier. The speed of the bulls had decreased. The price began to decline as bears grew stronger. The resistance range of $1.12 to $1.11 was broken. It drops and breaks through its prior $1.09 support level. Because they were eager to close the deal, the sellers prohibited the buyers from making an offer that was higher than the cap. As more retailers joined the market, the price dropped to less than $1.07. Bears are currently working very hard to penetrate the $1.06 support level.

According to the recommendations of the forex signal, the Hull Suite indicates that the market is turning negative. If sellers can overcome the support level at $1.06, they might be able to push the price down to the $1.05 and $1.04 barrier levels. If buyers can hold the price over the $1.07 barrier, prices may surge beyond the resistance levels of $1.08 and $1.09.

EURUSD medium-term Trend: Bearish

The EURUSD has confirmed a negative medium-term reversal. The currency pair has been under bearish pressure for the last 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. As the price drop below the Hull Suite signal, large bearish candles developed. The total fall to $1.06 from $1.08. The cost per unit is getting close to $1.06.

At the moment, it costs less than Hull Suite. A lower QQE MOD score indicates a declining slope.

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