EURUSD Price: A Double Top Pattern at $1.14 Zone

Bearish reversal envisaged in EURUSD market

EURUSD Price Analysis – 12 May

Buyers may be able to raise the price to the $1.14 and $1.16 barrier levels if they can overcome the resistance level at $1.12. If sellers can hold the price below the $1.10 barrier, prices can drop below the $1.07 and $1.06 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.12, $1.14, $1.16

Support levels: $1.10, $1.07, $1.06

EURUSD Long-term Trend: Bearish

The bullish trend tested the $1.14 line, according to the daily chart’s robust double top pattern formation. The bears opposes the upward trend of the price. The price began to fall as bears gained strength. The barrier of $1.12 was penetrated. The bearish momentum is getting stronger, pushing the price towards $1.10 barrier. The commencement of bearish trend is glaring. To ensure the sale, the purchasers prevent offers from exceeding their offer limit. With more sellers entering the market, the price is falling and moving nearer to $1.10. It is now making a lot of effort to get past the previously established barrier level.

According to the Hull Suite, the market is falling in accordance with the forex signal’s suggestions. Buyers may be able to raise the price to the $1.14 and $1.16 barrier levels if they can overcome the resistance level at $1.12. If sellers can hold the price below the $1.10 barrier, prices can drop below the $1.07 and $1.06 support levels.

EURUSD medium-term Trend: Bearish

A medium-term bearish reversion was confirmed for the EURUSD. For almost two weeks, there has been positive pressure on the currency pair. A double bottom chart pattern is observed at $1.08. The price started to rise as it got closer to $1.14. The bullish momentum became weak and the double top chart pattern formed which triggered bearish reversion. Big bearish candles appeared when the price surpassed the Hull Suite signal. Theoretically, the sum may fall from $1.14 to $1.10. Each item’s price is approaching $1.10.

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