EURUSD Price May Commence an Upward Trend

Buyers’ Pressure is increasing

EURUSD Price Analysis – 12 January

The price may rise to the $1.18 and $1.19 levels if buyers are able to overcome the $1.17 resistance. If sellers are successful in keeping the price below the $1.16 level, there can be a decline below the $1.15 and $1.14 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.17, $1.18, $1.19

Support levels: $1.16, $1.15, $0.1.14

 EURUSD Long-term Trend: Bullish

On the daily chart, a large bearish engulfing candle shows that the price decline started at $1.18. The price started falling, and the bears are maintaining the downward trend. The price began to decline as the negative trend worsened. After breaking the $1.17 level, the price is now bouncing up at $1.16 support level as the bullish trend commence. Clearly, the previous level represented the bottom of a bearish trend. In order to prevent additional price drops, buyers establish a lower barrier. More dealers entered the market when the price got closer to $1.17. The bulls are currently defending the $1.16 level in an attempt to sustain the inclining trend.

The Hull Suite claims that the market is inclining in line with the currency signal. The price may rise to the $1.18 and $1.19 levels if buyers are able to overcome the $1.17 resistance. If sellers are successful in keeping the price below the $1.16 level, there can be a decline below the $1.15 and $1.14 support levels.

 

EURUSD medium-term Trend: Bullish

The EURUSD is under bullish pressure for the past two days; at $1.16, a bearish engulfing pattern appears; as the price approaches $1.18, it starts to rise; the bearish reversal began when the downward pressure subsided and a double bottom pattern appeared; strong bullish candles appear.

when the price is above the Hull Suite signal; the flips up from $1.15 to $1.16; the Hull Suite signal is lower than the current price; additionally, the QQE MOD score shows an upward trend.

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