EURUSD Price May Rebound at $1.07 Support Level  

Bears may take over market soon

EURUSD Price Analysis – 28 October

If sellers can overcome the support level at $1.07, they might be able to push the price down to the $1.06 and $1.05 barrier levels. If buyers can hold the price over the $1.08 barrier, prices may surge beyond the resistance levels of $1.09 and $1.10.

EUR/USD Market

Key Levels:

Resistance levels: $1.08, $1.09, $1.10

Support levels: $1.07, $1.06, $1.05

 EURUSD Long-term Trend: Bearish

The daily chart’s bearish trend is confirmed by the Double Top chart pattern that forms at the $1.12 level. The currency pair picks up more steam on September 30 and hits the $1.12 barrier. The bulls had lost their momentum. The price began to decline as bears gathered strength. The resistance range of $1.12 to $1.11 was broken. It drops and breaks through its prior $1.09 support level. Since the sellers were eager to close the deal, they prohibited the buyers from increasing their offer above the cap. As more vendors joined the market, the price dropped below $1.08. Bears are currently working hard to bring the price of a share down below $1.07.

According to the recommendations of the forex signal, the Hull Suite indicates that the market is not favorable. If sellers can overcome the support level at $1.07, they might be able to push the price down to the $1.06 and $1.05 barrier levels. If buyers can hold the price over the $1.08 barrier, prices may surge beyond the resistance levels of $1.09 and $1.10.

EURUSD medium-term Trend: Bearish

The EURUSD has confirmed a negative turnaround in the medium term. The currency pair has been under downward pressure for the last six weeks. At $1.12, a double top chart pattern emerges. As it approached $1.09 and finally passed it, the price began to decline; it was difficult to drop below $1.08 after that. When the price dropped below the Hull Suite signal, large bearish candles were created. The total drops to $1.08 from $1.12. The cost per unit is getting close to $1.07.

At the moment, it is less costly than Hull Suite. A lower QQE MOD score indicates a falling slope.

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