EURUSD Price: A Bearish Reversal Envisaged at $1.11 Level

Buyers’ pressure is decreasing

EURUSD Price Analysis –23 September

Buyers may have ability to drive the price higher to the $1.12 and $1.13 barrier levels if they can break through the resistance level at $1.11. Prices may drop below the $1.09 and $1.08 support levels if sellers are successful in keeping the price below the $1.10 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.11, $1.12, $1.13

Support levels: $1.10, $1.09, $1.08

EURUSD Long-term Trend: Bearish

It’s anticipated that the EURUSD will change from bullish direction. On April 17, the currency pair gains momentum and moves higher into the $1.09 range. The bears were no longer as strong. Bulls gained momentum, and the price started to increase. The $1.09–$1.10 resistance range was breached. It reached its previous peak of $1.11. The sellers forbade the purchasers from raising their offer above the ceiling since they were keen on the transaction. The more sellers entered the market, the lower the price fell to around $1.10. Currently, bears are putting in a lot of effort to break below $1.10 per share.

According to the Hull Suite trading signals, the market is bearish in relation to the recommendations made by the forex signal. Buyers may have ability to drive the price higher to the $1.12 and $1.13 barrier levels if they can break through the resistance level at $1.11. Prices may drop below the $1.09 and $1.08 support levels if sellers are successful in keeping the price below the $1.10 barrier.

EURUSD medium-term Trend: Bearish

In the medium term, a bearish reversal in the EURUSD is anticipated. For the past three weeks, there has been upward pressure on the currency pair. A double bottom chart pattern appears at $1.08. The price started to climb as it got closer to $1.09 and eventually overtook it, but it was unable to cross over to $1.12. The price produced large bearish candles after crossing below the Hull Suite signal. The sum decreases from $1.11 to $1.10. The price per unit is approaching $1.10.

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