EURUSD Price May Test $1.073 Support Level

Sellers’ momentum increases in EURUSD market

EURUSD Price Analysis – 05 February

The price may tumble precipitously toward the $1.066 and $1.05 barrier levels if sellers are successful in breaking through the $1.073 support level according to best forex signal. Prices may reach the resistance levels of $1.108 and $1.101 if buyers can keep the price above the $1.081 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.081, $1.088, $1.101

Support levels: $1.073, $1.066, $1.05

 EURUSD Long-term Trend: Bearish

EURUSD outlook is bearish. The currency pair rose on December 28 and went up against the resistance level of $1.11. The bulls lost their strength. Bears gained steam, and the price began to decline. A boundary breach occurred between $1.088 and $1.101. It hit its previous low of $1.081. The market sellers’ demand causes the price to break below $1.08. Sellers are controlling the market and lowered prices over the last three weeks. Right now, the cost is going down towards $1.073 level.

The Hull Suite, which is situated above the currency pair, indicates that the market is trending lower. The price may tumble precipitously toward the $1.066 and $1.05 barrier levels if sellers are successful in breaking through the $1.073 support level. Prices may reach the resistance levels of $1.108 and $1.101 if buyers can keep the price above the $1.081 barrier.

EURUSD medium-term Trend: Bearish

EURUSD is expected to drop further in the medium run. The currency pair has been under bearish pressure for the last three weeks. When the price got close to the resistance level at $1.11, a sell-off began. The price has produced massive bearish candles ever since it fell below the Hull Suite signal.

Right now, the cost is less than $1.088. There may be a tendency to further declination as the QQE MOD has a value less than zero.

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