EURUSD Price May Retest $1.05 Level Before a Bullish Reversal

Bears increase their momentum

EURUSD Price Analysis – 22 April

If buyers can break through the resistance level at $1.06, they might be able to approach the $1.07 and $1.08 barrier levels shortly. If sellers are successful in holding the EURUSD below the $1.05 barrier, prices may go below the $1.04 and $1.03 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.06, $1.07, $1.08

Support levels: $1.05, $1.04, $1.03

 EURUSD Long-term Trend: Bearish

It is expected that the EURUSD will continue to fall. On December 28, the currency pair lost ground and dropped into the $1.05 range. The bulls were no longer as strong. Bulls gained momentum, and the price started to increase. There was a break in the resistance area between $1.06 and $1.07. It reached its previous high of $1.08. Sellers defended the previously stated threshold and any price declines below $1.06. Since two weeks ago, sellers have increased their asking prices and gained more clout in the market. Right now, the price is declining and approaching the $1.05 mark.

The Hull Suite, which is positioned above the currency pair, denotes a bear market trend. If buyers can break through the resistance level at $1.06, they might be able to approach the $1.07 and $1.08 barrier levels shortly. If sellers are successful in holding the price below the $1.05 barrier, prices may go below the $1.04 and $1.03 support levels.

EURUSD medium-term Trend: Bearish

In the medium term, a turnaround in the EURUSD is anticipated. For the past three weeks, there has been bearish pressure on the currency pair. A double top chart pattern appears at $1.09. A downward trend started when the price got closer to and then over the $1.08 support level. Ever since the price dropped below the Hull Suite signal, it has produced enormous bearish candles. The price decreases to $1.04 from $1.08 at this price point.

It is currently less expensive than Hull Suite. A trend is more bearish when the QQE MOD score is lower.

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