EURUSD Price May Increase to $1.18 Previous High

Buyers are exerting more pressure

EURUSD Price Analysis – 22 December

Buyers could push the price higher to the $1.18 and $1.19 levels if they can overcome the $1.17 resistance. If sellers manage to keep the price below the $1.16 level, there could 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, $1.14

 EURUSD Long-term Trend: Bullish

The daily chart shows a large bullish engulfing candle, indicating that the price increase began at $1.14. The bulls are supporting the upward trend. The price started climbing as the bullish force grew stronger. The $1.15 level was broken, and the price is now approaching the $1.17 resistance level as the bullish trend continues. It is clear that the previous level was the bottom of a bearish trend. To secure the price, buyers set a lower limit to prevent it from falling further. More traders entered the market as the price moved closer to $1.17. The bulls are now defending the $1.15 level, doing everything they can to sustain the upward movement.

The Hull Suite suggests that the market is rising in line with the forex signal. Buyers could push the price higher to the $1.18 and $1.19 levels if they can overcome the $1.17 resistance. If sellers manage to keep the price below the $1.16 level, there could be a decline below the $1.15 and $1.14 support levels.

 

EURUSD medium-term Trend: Bullish

A medium-term bullish reversal has been confirmed for the EURUSD. For the past two weeks, the currency pair has been under bearish pressure. A bullish engulfing pattern appears at $1.14. The price started to rise as it approached $1.14. As the downward pressure weakened and the double bottom pattern emerged, the bullish reversal began.

Strong bullish candles appear when the price is above the Hull Suite signal. The price increased from $1.14 to $1.156. The current price is higher than the Hull Suite signal. The QQE MOD score indicates a rising trend.

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