EURUSD Price May Bounce Off $1.08 Resistance Level

EURUSD is repelling from $1.08 resistance level

EURUSD Price Analysis – 20 May

The resistance level at $1.08 might be broken by buyers, who could then go on to hit the $1.09 and $1.10 barrier levels. If sellers are successful in holding the price below the $1.07 barrier, EURUSD may go below the $1.06 and $1.05 support levels.

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: Bullish

It is expected that the EURUSD will continue to rise. On December 28, the currency pair lost ground and dropped into the $1.05 range. The bears were no longer as strong. Bulls gained momentum, and the price started to increase. There was a break in the resistance area between $1.06 and $1.07. It reached its previous high of $1.08. Sellers resisted price decreases below $1.06 as well as the previously indicated level. Since two weeks ago, buyers have increased their asking prices since they have more clout in the market. Right now, the cost is rising and approaching $1.08.

The Hull Suite, which is below the currency pair, suggests a bull market trend. The resistance level at $1.08 might be broken by buyers, who could then go on to hit the $1.09 and $1.10 barrier levels. If sellers are successful in holding the price below the $1.07 barrier, prices may go below the $1.06 and $1.05 support levels.

EURUSD medium-term Trend: Bullish

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 $1.08. The price started to rise as it got closer to and eventually over the $1.07 mark. Since crossing above the Hull Suite forex signals, the price has generated enormous bullish candles. The price goes up from $1.06 to $1.08 at this point.

It is currently more expensive than Hull Suite. A stronger bullish trend is indicated by a higher QQE MOD score.

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