EURUSD Price Is Bouncing Up at $1.02 Zone  

Bullish pattern reversion has been confirmed

EURUSD Price Analysis – 06 January

If buyers can break through the resistance level at $1.03, they might be able to push the price up to the $1.04 and $1.05 barrier levels. Prices may go below the $1.01 and $1.00 support levels if sellers are able to keep the price below the $1.02 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.03, $1.04, $1.05

Support levels: $1.02, $1.01, $1.00

 EURUSD Long-term Trend: Bearish

A powerful extended double bottom chart pattern counters the daily chart’s downward trend at the $1.02 level. The value of the currency pair rose near the $1.12 mark on October 1. The bears opposed the continuation of the price hike. The price began to drop as bears grew more powerful. The support range of $1.03 to $1.04 was broken. It plummets precipitously and tested the final $1.02 support level. In their rush to complete the transaction, the buyers prevent the bidders from exceeding their offer limit. With additional buyers entering the market, the price is increasing toward $1.03. At the moment, it is making a lot of effort to overcome the just mentioned resistance level.

Based on the forex signal’s recommendations, the Hull Suite indicates that the market is trending upward. If buyers can break through the resistance level at $1.03, they might be able to push the price up to the $1.04 and $1.05 barrier levels. Prices may go below the $1.01 and $1.00 support levels if sellers are able to keep the price below the $1.02 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 $1.02, a double bottom chart pattern can be observed. As it approached and then surpassed $1.03, the price began to fall; it may then readily surpass $1.03. As the price surpassed the Hull Suite indicator, large bullish candles emerged. The amount may theoretically rise from $1.02 to $1.06. The cost per unit is getting close to $1.03.

At the moment, it costs more than the Hull Suite. A higher QQE MOD score indicates an inclining slope.

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