EURUSD Price Bounces at $1.07 Support Level  

Bulls may dominate EURUSD market soon

EURUSD Price Analysis – 04 November

Sellers may be able to drive the price down to the $1.06 and $1.05 barrier levels if they can break through the support level at $1.07. Prices may rise over the resistance levels of $1.09 and $1.10 if buyers are able to keep the price above the $1.08 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.08, $1.09, $1.10

Support levels: $1.07, $1.06, $1.05

 EURUSD Long-term Trend: Bearish

The Double Top chart pattern that develops at the $1.12 level validates the daily chart’s negative trend. On September 30, the currency pair gains momentum and breaks through the $1.12 barrier. The bulls were no longer moving as fast. As bears gained strength, the price started to drop. The $1.12–$1.11 resistance range was breached. It falls and breaches its previous support level of $1.09. The sellers forbade the purchasers from raising their offer above the cap since they were keen to complete the transaction. The price fell to less than $1.08 as additional merchants entered the market. At the moment, bulls are making a lot of effort to defend the support level of $1.07.

The Hull Suite suggests that the market is becoming favorable based on the forex signal’s recommendations. Sellers may be able to drive the price down to the $1.06 and $1.05 barrier levels if they can break through the support level at $1.07. Prices may rise over the resistance levels of $1.09 and $1.10 if buyers are able to keep the price above the $1.08 barrier.

EURUSD medium-term Trend: Bullish

A medium-term positive turnaround in the EURUSD has been verified. For the past six weeks, there has been negative pressure on the currency pair. A double top chart pattern appears at $1.12. The price started to fall as it got closer to $1.09 and eventually overtook it; it was challenging to fall below $1.07 after that. Big bullish candles formed as the price rise above the Hull Suite signal. The sum increases from $1.08 to $1.09. The price per unit is approaching $1.09.

It is currently more expensive than Hull Suite. An inclining slope is indicated by a higher QQE MOD score.

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