EURUSD Price: Buyers May Continue Dominating Market

EURUSD will increase to $1.09 level

EURUSD Price Analysis – 06 May

If buyers can break past the resistance level at $1.08, they might be able to reach the $1.09 and $1.10 barrier levels soon. If sellers are successful in holding the price below the $1.07 barrier, prices may go below the $1.06 and $1.05 support levels.

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: Bullish

It is expected that the EURUSD will continue to rise. On December 28, the currency pair lost ground and dropped into the $1.05 range. The bears were no longer as strong. Bulls gained momentum, and the price started to increase. There was a breach in the resistance area between $1.06 and $1.07. It reached its previous high of $1.08. Sellers resisted both the previously indicated level and any price declines below $1.06. Since two weeks ago, buyers have increased their asking prices and gained more clout in the market. Right now, the price is rising upward and approaching $1.08 level.

The Hull Suite, which is below the currency pair, signals to a bull market trend. If buyers can break past the resistance level at $1.08, they might be able to reach the $1.09 and $1.10 barrier levels shortly. If sellers are successful in holding the price below the $1.07 barrier, prices may go below the $1.06 and $1.05 support levels.

EURUSD medium-term Trend: Bullish

In the medium term, a turnaround in the EURUSD is anticipated. For the past three weeks, there has been bearish pressure on the currency pair. A double bottom chart pattern appears at $1.06. A rising trend started as the price got closer to and eventually overshot the $1.07 barrier mark. Ever since the price moved over the Hull Suite forex signals, it has produced enormous bullish candles. The price goes up from $1.06 to $1.08 at this point.

It is currently more expensive than Hull Suite. A more bullish trend is indicated by a higher QQE MOD score.

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