EURUSD Price: Bears Defend $1.11 Level

Sellers are in control of EURUSD market

EURUSD Price Analysis – 08 January

If sellers can breach the $1.09 support level, the price can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers can maintain EURUSD above the $1.10 barrier, prices can rise to the resistance levels of $1.11 and $1.12.

EUR/USD Market

Key Levels:

Resistance levels: $1.10, $1.11, $1.12

Support levels: $1.09, $1.08, $1.07

EURUSD Long-term Trend: Bearish

EURUSD outlook appears bleak. The currency pair tested the $1.08 support level on December 11 after breaking past the $1.10 support level. The bears had lost their strength. The price began to rise as bulls gained traction. The boundaries of $1.09 and $1.10 were crossed. It hit its previous high of $1.10. The price rises to the $1.11 resistance level as buyers increase their pressure on the market. Last two weeks, the market was dominated by buyers, and prices went up. Right now, the price is declining.

Above the currency pair, is the Hull Suite indicating a developing negative trend in the market. If sellers can breach the $1.09 support level, the price can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers can maintain the price above the $1.10 barrier, prices can rise to the resistance levels of $1.11 and $1.12.

EURUSD medium-term Trend: Bearish

In the medium term, a decline in the EURUSD is anticipated. Last week, the currency pair was under bearish pressure. When the price tested the resistance level at $1.11, a selling frenzy ensued. The price has been producing enormous bearish candles ever since it dropped below the Hull Suite indicator.