EURUSD Price: An Inverted Head and Shoulder Chart Pattern

Commencement of bullish trend in EURUSD market

EURUSD Price Analysis – 09 December

If buyers can break through the resistance level at $1.06., they might be able to push the price up to the $1.07 and $1.08 barrier levels. If sellers can hold the price below the $1.05 barrier, prices may decrease below the support levels of $1.04

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.05, $1.04, $1.03

 EURUSD Long-term Trend: Bullish

The daily chart’s downward trend is nullified by the inverted Head and Shoulder chart pattern that forms at the $1.1203 level. The currency pair lost strength near the $1.12 level on October 1. It was less than the $1.06 mark last week. The speed of the bulls increases. The price began to incline as bulls become more powerful. The resistance range of $1.03 to $1.04 was broken. It shoot up and crosses over to the prior $1.05 resistance level. The buyers prohibiting the sellers from exceeding their offer limit in their hurry to complete the transaction. As additional purchasers joined the market, the price is increasing towards $1.06 level. It is now making a lot of effort to break up the $1.06 resistance level.

According to the recommendations of the forex signal, the Hull Suite indicates that the market is turning positive. If buyers can break through the resistance level at $1.06., they might be able to push the price up to the $1.07 and $1.08 barrier levels. If sellers can hold the price below the $1.05 barrier, prices may decrease below the support levels of $1.04 and $1.03 levels.

EURUSD medium-term Trend: Bullish

For the EURUSD, a medium-term bullish reversion has been confirmed. The currency pair has been under bearish pressure for nearly six weeks. At $1.03, an inverted Head and Shoulder chart pattern emerges. As it approached $1.04 and finally passed it, the price began to incline; it is easy to increase above $1.06 after that. As the price shoot up above the Hull Suite signal, large bullish candles appeared. The amount rises to $1.06 from $1.03. The cost per unit is getting close to $1.06.

At the moment, it is lessmore costly than Hull Suite. A higher QQE MOD score indicates an inlining slope.

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