EURUSD May Decrease to $1.04 Level

Bears’ pressure may increase in EURUSD market

EURUSD Price Analysis – 18 November

Sellers may be able to drive the price down to the $1.04 and $1.03 barrier levels if they can break through the support level at $1.05. Prices may rise over the resistance levels of $1.07 and $1.08 if buyers are able to keep the price above the $1.06 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.05, $1.04, $0.03

EURUSD Long-term Trend: Bearish

The Double Top chart pattern that develops at the $1.12 level validates the daily chart’s downward trend. On September 30, the currency pair gains momentum and breaks through the $1.12 barrier. The bulls were moving less quickly. As bears became more powerful, the price started to drop. The $1.12–$1.11 resistance range was breached. It falls and breaches its previous support level of $1.09. The sellers were so keen to get the sale that they forbade the buyers from exceeding the cap on their offer. The price decreased to less than $1.07 as more merchants entered the market. Bears are currently working very hard to penetrate the $1.05 support level.

The Hull Suite suggests that the market is becoming bearish in accordance with the forex signal’s suggestions. Sellers may be able to drive the price down to the $1.04 and $1.03 barrier levels if they can break through the support level at $1.05. Prices may rise over the resistance levels of $1.07 and $1.08 if buyers are able to keep the price above the $1.06 barrier.

EURUSD medium-term Trend: Bearish

A medium-term negative reversal has been confirmed by the EURUSD. For the past six weeks, there has been bearish pressure on the currency pair. A double top chart pattern appears at $1.12. The price started to fall as it got closer to $1.09 and eventually overtook it; it was simple to fall below $1.07 after that. Big bearish candles formed when the price fell below the Hull Suite signal. The sum drops from $1.08 to $1.06. The price per unit is approaching $1.05.

It is currently less expensive than Hull Suite. A decreasing slope is indicated by a decreased QQE MOD score.

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