EURUSD Price: Bulls Are Defending $1.17 Level

Buyers are gaining momentum

EURUSD Price Analysis – 01 September

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 $1.15 and $1.14 support levels if sellers are able to keep the price below the $1.16 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.17, $1.18, 1.19

Support levels: $1.16, $1.15, $1.14

 EURUSD Long-term Trend: Bullish

The large bullish engulfing candle on the daily chart indicates that the upward trend began at $1.14. The price trend is opposed by the bears. As bulls grew stronger, the price started to increase. The $1.15 barrier was broken. The price was getting closer to the $1.17 barrier as the rising trend gathered steam. It was evident that the previously indicated level was the low of a downward trend. The buyers prevented offers from going lower their lower limit in order to guarantee the purchase. As the price inclined and got closer to $1.16, more buyers entered the market. Bulls are currently guarding the $1.17 barrier level. It is currently doing everything it can to keep the bullish trend going.

The Hull Suite indicates that the market is inclining in accordance 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 $1.15 and $1.14 support levels if sellers are able to keep the price below the $1.16 barrier.

EURUSD medium-term Trend: Bullish

For the EURUSD, a medium-term bullish reversion was confirmed. The currency pair has been under bullish pressure for nearly two weeks. At $1.14, a bullish engulfing candle pattern is evident. As the price approached $1.16, it began to incline. Bullish reversion started when the upward momentum slowed and the double top chart pattern emerged. When the price was above the Hull Suite signal, large bullish candles emerged. The amount rise from $1.14 to $1.17. Each item costs $1.17.

Right now, it costs more than the Hull Suite. A lower QQE MOD score indicates a rising slope.

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