EURUSD Price: A Double Top Chart Pattern at $1.17

Price may fall further

EURUSD Price Analysis – 11 August

If buyers can break through the resistance level at $1.17, they might be able to push the price up to the $1.18 and $1.19 barrier levels. Prices may go below the $1.15 and $1.14 support levels if sellers are able to keep the price below the $1.16 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.17, $1.18, 1.19

Support levels: $1.16, $1.15, $1.14

 EURUSD Long-term Trend: Bearish

The strong bearish engulfing candle on the daily chart indicates that the bearish trend began at the $1.17 level. The price inclination is opposed by the bears. As bulls grew stronger, the price started to increase. The $1.12 barrier was broken. The price was getting closer to the $1.17barrier as the bullish trend picks up steam. It is obvious that a positive trend peaked at the just mentioned level. The sellers prevented offers from going over their limit in order to guarantee the transaction. As the price decreases and got closer to $1.15, more sellers entered the market. Bears are currently defending the $1.17 barrier level. It is currently working very hard to continue a bearish trend.

The Hull Suite indicates that the market is declining in accordance with the forex signal’s suggestions. If buyers can break through the resistance level at $1.17, they might be able to push the price up to the $1.18 and $1.19 barrier levels. Prices may go below the $1.15 and $1.14 support levels if sellers are able to keep the price below the $1.16 barrier.

EURUSD medium-term Trend: Bearish

For the EURUSD, a medium-term bearish reversion was confirmed. The currency pair has been under bullish pressure for nearly two weeks. At $1.17, a double top chart pattern is seen. As the price approached $1.17, it began to decrease. Bearish reversion started when the double top chart pattern emerged and the positive momentum subsided. When the price is below Hull Suite signal, large bearish candles emerged. The amount decreased from $1.17 to $1.16. The cost is $1.16 per item.

Right now, it costs less than the Hull Suite. A lower QQE MOD score indicates a falling slope.

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