EURUSD Price May Experience Bullish Reversal Soon   

Bulls are warming up in EURUSD market

EURUSD Price Analysis – 20 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 fall 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

On the daily chart, a strong long-term bearish engulfing candle formation that indicates a further downward trend appears at the $1.04 level. The value of the currency pair rose to about $1.12 on October 1. The bears opposed the continuation of the price hike. The price began to drop as bears grew more powerful. A breach occurred in the $1.03–$1.04 support area. Prior to a steep decline, it tested the most recent $1.02 support level. Because they are eager to complete the transaction, the buyers prevent the bids from exceeding their offer limit. As more sellers enter the market, the price is declining and is getting close to $1.01. Right now, it is making a lot of effort to surpass the hurdle level that was just mentioned.

According to the recommendations of the forex signal, the Hull Suite indicates that the market is moving lower. 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 fall 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: Bearish

For the EURUSD, a medium-term bearish reversion was confirmed. The currency pair has been under bearish pressure for nearly six weeks. At $1.06, a double top chart pattern can be seen. As the price approached and then fell below $1.02, it began to fall; at that point, it could easily hit $1.01. When the price crossed over the Hull Suite signal, large bearish candles emerged. The total might theoretically drop from $1.02 to $1.01. The cost per unit is getting close to $1.01.

Right now, it costs less than the Hull Suite. A lower QQE MOD score indicates a falling slope.

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