EURUSD Price May Retest Previous Low at $1.06 Level

Azeez Mustapha

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Bears are in control of EURUSD market

EURUSD Price Analysis – 17 June

If buyers can overcome the $1.07 resistance level, they can advance to the $1.08 and $1.09 barrier levels. If sellers are successful in holding EURUSD below the $1.06 barrier, prices may go below the $1.05 and $1.04 support levels.

EUR/USD Market

Key Levels:

Resistance levels: $1.07, $1.08, $1.09

Support levels: $1.06, $1.05, $1.04

 EURUSD Long-term Trend: Bearish

It is expected that there will be a retreat in the EURUSD. On April 17, the currency pair gains momentum and moves up into the $1.09 range. The bears were no longer as strong. Bulls gained momentum, and the price started to increase. There was a break in the resistance area between $1.08 and $1.09. It reached its previous high of $1.09. The buyers’ enthusiasm waned and they were unable to surpass the previously indicated level. Sellers increased their pressure, pushing the price down to $1.06. At this point, the price is below $1.07.

EURUSD Price May Retest Previous Low at $1.06 Level

Below the forex signals indicator, the Hull Suite indicates that a bearish market is ongoing. If buyers can overcome the $1.07 resistance level, they can advance to the $1.08 and $1.09 barrier levels. If sellers are successful in holding the price below the $1.06 barrier, prices may go below the $1.05 and $1.04 support levels.

EURUSD medium-term Trend: Bearish

In the medium term, a turnaround in the EURUSD is anticipated. For the past two weeks, there has been positive pressure on the currency pair. A double top chart pattern appears at $1.08. The price started to drop as it got closer to and eventually beyond the $1.07 mark. Ever since the price passed over the Hull Suite signal, it has produced enormous bearish candles. The price now drops from the $1.08 to the $1.07 level.

EURUSD Price May Retest Previous Low at $1.06 Level
It is currently less expensive than Hull Suite. A greater negative trend is indicated by a lower QQE MOD score.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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