EURUSD Price May Repel From $1.09 Support Level  

Bears’ momentum may decrease

EURUSD Price Analysis – 14 October

If sellers can overcome the support level at $1.09, they might be able to push the price down to the $1.08 and $1.07 barrier levels. If buyers are successful in maintaining the price above the $1.10 barrier, prices may surge over the resistance levels of $1.11 and $1.12.

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

The upward trajectory of the EURUSD is expected to shift. The currency pair picks more steam on April 17 and rises into the $1.09 level. The bears had lost their strength. The price began to rise as bulls gained traction. The resistance range of $1.09 to $1.10 was broken. It hit $1.12, its previous peak. Since the sellers were eager to close the deal, they prohibited the buyers from increasing their offer above the ceiling. The price dropped below $1.10 as additional sellers entered the market. Bears are currently working very hard to break below $1.09 per share.
On the basis of the forex signals‘ recommendations, the Hull Suite indicates that the market is not favorable. If sellers can overcome the support level at $1.09, they might be able to push the price down to the $1.08 and $1.07 barrier levels. If buyers are successful in maintaining the price above the $1.10 barrier, prices may surge over the resistance levels of $1.11 and $1.12.

EURUSD medium-term Trend: Bearish

The EURUSD is expected to reverse negatively in the medium term. The currency pair has been under upward pressure for the last six weeks. At $1.08, a double bottom chart pattern emerges. As it approached $1.09, the price began to rise and eventually surpassed it; after that, it was impossible to rise above $1.12. When the price crossed below the Hull Suite signal, it created massive bearish candles. The total drops to $1.10 from $1.12. The cost per unit is getting close to $1.09.

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

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