EURUSD Price: Formation of Double Bottom Chart Pattern

EURUSD bounces up at $1.03

EURUSD Price Analysis – 23 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, prices may decrease below the support levels of $1.04

EUR/USD Market

Key Levels:

Resistance levels: $1.04, $1.05, $1.06

Support levels: $1.03, $1.02, $1.01

 EURUSD Long-term Trend: Bullish

The daily chart’s downward trend is offset by the strong double bottom pattern that forms at the $1.03 level. The value of the currency pair rose near the $1.12 threshold on October 1. The bears opposed the continuation of price increase. The price began to fall as bears grew stronger. The resistance range of $1.03 to $1.04 was broken. It jumps lower and passes through the $1.04. prior support level. The sellers prohibit the buyers from exceeding their offer limit in their hurry to complete the transaction. As more purchasers enter the market, the price is increasing close to $1.04. At the moment, it is making a lot of effort to overcome the $1.04 resistance level.

According to the recommendations of the forex signal, the Hull Suite indicates that the market is turning favorable. If buyers can break through the resistance level at $1.04, they might be able to push the price up to the $1.05 and $1.06 barrier levels. Prices may go below the $1.02 and $1.01 support levels if sellers are able to keep the price below the $1.03 barrier.

EURUSD medium-term Trend: Bullish

For the EURUSD, a medium-term bullish reversion has been confirmed. The currency pair has been under bearish pressure for nearly six weeks. At $1.03, a double bottom chart pattern is visible. As it approached and eventually surpassed $1.03, the price began to increase; it will then easy to surge above $1.06. As the price rises above the Hull Suite indicator, large bullish candles appeared. The total rises to $1.06 from $1.03 is possible. The cost per unit is getting close to $1.04.

Right now, it costs higher than the Hull Suite. A higher QQE MOD score indicates an inclining slope.

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