EURUSD Price May Continue a Bearish Trend

EURO retains its strength over USD

EURUSD Price Analysis – 17 November

If buyers can get beyond the resistance level of $1.16, they might be able to lift the price to the barrier levels of $1.16 and $1.17. Prices may fall below the $1.13 and $1.12 support levels if sellers are able to maintain the price below the $1.14 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.16, $1.17, $1.18

Support levels: $1.15, $1.14, $1.13

 EURUSD Long-term Trend: Bearish

The massive bearish engulfing candle on the daily chart indicates that the fall began at $1.19. The price trend is being supported by the bears. As bears gained strength, the price started to decline. The $1.17 mark was exceeded. As the downward trend continues, the price is getting closer to the $1.16 barrier. The previously defined level was obviously the bottom of a downward trend. The sellers prevented proposals from exceeding their upper limit in order to seal the deal. As the price dropped and got closer to $1.15, more merchants joined the market. Bulls are presently defending the $1.15 barrier level. At the moment, it is making every effort to maintain the downward trend.

According to the Hull Suite, the market is falling in accordance with the suggestions made by the forex signal. If buyers can get beyond the resistance level of $1.16, they might be able to lift the price to the barrier levels of $1.16 and $1.17. Prices may fall below the $1.13 and $1.12 support levels if sellers are able to maintain the price below the $1.14 barrier.

EURUSD medium-term Trend: Bearish

For the EURUSD, a medium-term bearish reversion was verified. The currency pair has been under bearish pressure for nearly two weeks. At $1.19, a bearish engulfing candle pattern can be seen. As it approached $1.16, the price began to decline. A bearish reversion started when the upward impulse stopped and the double top chart pattern emerged. When the price is below the Hull Suite signal, large bearish candles show up. The price dropped from $1.19 to $1.15. The price per item is $1.15.

At the moment, it costs less than the Hull Suite. A lower QQE MOD score indicates a falling slop.

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