Sellers’ momentum may increase
EURUSD Price Analysis – 08 April
If buyers can break over the $1.08 resistance level, they might be able to approach the $1.09 and $1.10 barrier levels shortly. If sellers can hold the price below the $1.07 barrier, prices may go below the support levels of $1.06 and $1.05.
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: Bearish
It is expected that the EURUSD will continue to drop. On December 28, the currency pair lost ground and dropped into the $1.05 range. The bears were no longer as strong. The price started rising as bulls gathered momentum. There was a breach in the resistance area between $1.06 and $1.07. It reached its previous high of $1.08. The price rises above $1.08 due to market purchasers’ demand. Since two weeks ago, sellers have increased their asking prices and gained more clout in the market. The price is currently declining and is once again approaching the $1.07 mark.
The Hull Suite, positioned above the currency pair, suggests a downward trend in the market. If buyers can break over the $1.08 resistance level, they might be able to approach the $1.09 and $1.10 barrier levels shortly. If sellers can hold the price below the $1.07 barrier, prices may go below the support levels of $1.06 and $1.05. Join best forex signals telegram.
EURUSD medium-term Trend: Bearish
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 top chart pattern appears at $1.09. A downward trend started as the price got close to the support level at $1.08 and crossed it at $1.09. Ever since the price dropped below the Hull Suite signal, it has produced enormous bearish candles. The price decreases from $1.08 to less.
It is currently less expensive than Hull Suite. If the QQE MOD score is lower, there is a greater chance of a bearish trend.
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