EURUSD Price May Decrease to $1.09 Support Level  

Bears’ momentum is increasing

EURUSD Price Analysis – 07 October

Sellers may be able to drive the price lower to the $1.08 and $1.07 barrier levels if they can break through the support level at $1.09. Prices may rise above the $1.11 and $1.12 resistance levels if buyers are successful in keeping the price above the $1.10 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.10, $1.11, $1.12

Support levels: $1.09, $1.08, $1.07

 EURUSD Long-term Trend: Bearish

It is anticipated that the EURUSD’s upward trajectory could change. On April 17, the currency pair gains momentum and moves higher into the $1.09 range. The bears were no longer as strong. Bulls gained momentum, and the price started to increase. The $1.09–$1.10 resistance range was breached. It reached its previous peak of $1.12. The sellers forbade the buyers from raising their offer above the ceiling since they were keen to seal the deal. The more sellers joined the market, the lower the price fell below $1.10. Right present, bears are exerting a lot of effort to breach below $1.09 per share.
The Hull Suite suggests that the market is not favorable based on the recommendations of the forex signal. Sellers may be able to drive the price lower to the $1.08 and $1.07 barrier levels if they can break through the support level at $1.09. Prices may rise above the $1.11 and $1.12 resistance levels if buyers are successful in keeping the price above the $1.10 barrier.

EURUSD medium-term Trend: Bearish

In the medium run, a negative reversal in the EURUSD is anticipated. For the past three weeks, there has been upward pressure on the currency pair. A double bottom chart pattern appears at $1.08. The price started to climb as it got closer to $1.09 and eventually overtook it; at that point, it was unable to go beyond $1.12. The price produced enormous bearish candles after crossing below the Hull Suite signal. The sum decreases from $1.12 to $1.10. The price per unit is approaching $1.09.

It is currently less expensive than Hull Suite. A declining slope is indicated by a lower QQE MOD score.

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