EURUSD Price: Double Bottom Chart Pattern at $1.02 Point

Bears’ pressure is becoming weak in EURUSD market

EURUSD Price Analysis – 03 February

Sellers may be able to drive the price down to the $1.01 and $1.00 barrier levels if they can breach the support level at $1.02. If buyers can hold the price over the $1.03 barrier, prices may surge above the $1.03 and $1.06 resistance levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.03, $1.065, $1.07

Support levels: $1.02, $1.01, $1.00

 EURUSD Long-term Trend: Bearish

A strong long-term bearish engulfing candle formation on the daily chart indicates that the bearish trend is likely to continue at the $1.05 level. The bears opposed the price’s continued upward trend. The price began to decline as bears grew stronger. The $1.03 to $1.05 barrier level was broken. Prior to a precipitous decline, it tested the most recent $1.05 resistance level. Because they are eager to seal the deal, the sellers prevent offers from exceeding their offer limit. As more sellers join the market, the price is declining and getting closer to $1.02. It is now making a lot of effort to surpass the previously designated obstacle level.

The Hull Suite suggests that the market is heading lower in accordance with the forex signal’s suggestions. Sellers may be able to drive the price down to the $1.01 and $1.00 barrier levels if they can breach the support level at $1.02. If buyers can hold the price over the $1.03 barrier, prices may surge above the $1.03 and $1.06 resistance levels.

EURUSD medium-term Trend: Bearish

A medium-term bearish reversion was verified for the EURUSD. For almost two weeks, there has been positive pressure on the currency pair. There is a clear double top chart pattern at $1.05. The price started to decline as it got closer to $1.05; it might have easily reached $1.02 by then. Big bearish candles appeared when the price surpassed the Hull Suite signal. In theory, the sum may drop from $1.05 to $1.02. The price per unit is approaching $1.02.

It is currently less expensive than the Hull Suite. A decreasing slope is indicated by a decreased QQE MOD score.

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