EURUSD Price: Buyers May Raise Price to $1.07 Mark

Bullish trend may commence in EURUSD market

EURUSD Price Analysis – 16 December

If buyers can break through the resistance level at $1.06., they might be able to push the price up to the $1.07 and $1.08 barrier levels. If sellers can hold the price below the $1.05 barrier, EURUSD may decrease below the support levels of $1.04.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.05, $1.04, $1.03

 EURUSD Long-term Trend: Bullish

The inverted Head and Shoulders chart pattern that develops at the $1.1203 level negates the negative trend of the daily chart. On October 1, the currency pair declined in value close to the $1.12 mark. Last two weeks, it was less than $1.06. The bulls get faster and faster. As bulls gained strength, the price started to rise. The $1.03–$1.04 resistance range was breached. It surges higher and crosses over to the previous resistance level of $1.05. In their haste to finish the deal, the buyers forbid the sellers from going beyond their offer limit. The price is rising near the $1.06 mark as more buyers enter the market. It is currently working hard to break through the resistance level of $1.06.

The Hull Suite suggests that the market is becoming positive in accordance with the forex signal’s suggestions. Buyers may be able to raise the price to the $1.07 and $1.08 barrier levels if they can overcome the resistance level at $1.06. If sellers can hold the price below the $1.05 barrier, prices may decrease below the support levels of $1.04 and $1.03 levels.

EURUSD medium-term Trend: Bullish

A medium-term bullish reversion has been verified for the EURUSD. For almost six weeks, there has been bearish pressure on the currency pair. An inverted Head and Shoulders chart pattern appears at $1.03. The price started to rise as it got closer to $1.04 and eventually overtook it; after that, it is simple to rise above $1.06. Big bullish candles emerged as the price surged above the Hull Suite indication. The sum increases from $1.03 to $1.06. The price per unit is approaching $1.06.

It is currently less expensive than the Hull Suite. An inclining slope is indicated by a greater QQE MOD score.

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