EURUSD Price May Retest $1.07 Support Level  

Bulls may oppose bears at $1.07 level

EURUSD Price Analysis – 21 October

Sellers may be able to drive the price down to the $1.06 and $1.05 barrier levels if they can break through the support level at $1.07. Prices may rise over the resistance levels of $1.09 and $1.10 if buyers are able to keep the price above the $1.08 barrier.

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

Formation of Double Top chart pattern at $1.12 level confirm bearish trend on daily chart. On September 30, the currency pair gains more momentum and reaches the $1.12 mark. The bulls’ momentum were no longer strong. As bears gained momentum, the price started to decrease. The $1.12–$1.11 resistance range was breached. It decline and break down its previous support level $1.09. The sellers forbade the purchasers from raising their offer above the ceiling since they were keen to complete the transaction. More sellers entered the market, and the price fell below $1.08. Right now, bears are making a lot of effort to drop below $1.07 per share.

The Hull Suite suggests that the market is unfavorable based on the forex signal‘s recommendations. Sellers may be able to drive the price down to the $1.06 and $1.05 barrier levels if they can break through the support level at $1.07. Prices may rise over the resistance levels of $1.09 and $1.10 if buyers are able to keep the price above the $1.08 barrier.

EURUSD medium-term Trend: Bearish

In the medium term, a bearish reversal of the EURUSD is confirmed. For the past six weeks, there has been upward pressure on the currency pair. A double top chart pattern appears at $1.12. The price started to decrease as it got closer to $1.09 and eventually overtook it; after that, it was impossible to get below $1.08. Huge bearish candles were formed when the price moved below the Hull Suite signal. The sum decreases from $1.12 to $1.08. The price per unit is approaching $1.07.

It is currently less expensive than Hull Suite. A declining slope is indicated by a lower QQE MOD score.

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