EURUSD Price: Bearish Reversal Envisaged at $1.17 Zone

Price is bouncing off $1.17

EURUSD Price Analysis – 28 July

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 $1.16 and $1.17 support levels if sellers are able to keep the price below the $1.15 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.17, $1.18, 1.19

Support levels: $1.15, $1.16, $1.17

 EURUSD Long-term Trend: Bearish

The daily chart’s strong double bottom pattern formation at $1.10 level indicated that the bearish trend commencement. The price decline is opposed by the bulls. As bulls grew stronger, the price started to increase. The $1.12 barrier was broken. The price is getting closer to the $1.14 barrier as the bullish trend picks up steam. Obviously, a positive trend has begun. The buyers keep offers from going beyond their offer limit in order to secure the sale. As the price increases and gets closer to $1.17, more buyers entered the market. Bears are currently defending the resistance level of $1.17. It is currently working hard to observe a bearish reversal.

The Hull Suite indicates that the market is declining in line 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 $1.16 and $1.17 support levels if sellers are able to keep the price below the $1.15 barrier.

EURUSD medium-term Trend: Bearish

For the EURUSD, a medium-term bearish reversion was verified. The currency pair has been under bullish pressure for nearly two weeks. At $1.10, a double bottom chart pattern is seen. As the price approached $1.14, it began to increase. Bullish reversion started when the double bottom chart pattern emerged and the negative momentum subsided. When the price exceeded the Hull Suite signal, large bullish candles emerged. The total increased from $1.10 to $1.17. The cost of each item is $1.17.

At the moment, it costs less than the Hull Suite. A lower QQE MOD score indicates a decreasing slope.

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