EURUSD Price: Previous High at $1.15 May Be Retested

Bulls’ pressure increase in EURUSD market

EURUSD Price Analysis – 05 May

If buyers can break through the resistance level at $1.15, they might be able to push the price up to the $1.16 and $1.18 barrier levels. Prices may go below the $1.10 and $1.08 support levels if sellers are able to keep the price below the $1.14 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.15, $1.16, $1.18

Support levels: $1.14, $1.10, $1.08

EURUSD Long-term Trend: Bullish

The daily chart’s strong double bottom pattern formation indicates that the bullish trend started close to the $1.08 line. The price’s downward trend was resisted by the bulls. As bulls grew stronger, the price started to increase. The $1.08 to $1.07 threshold was crossed. It tested the most recent $1.14 support level before strengthening. The buyers keep offers from going beyond their offer limit in order to secure the sale. The price is increasing and approaching $1.15 as more buyers enter the market. It is currently working hard to overcome the barrier level that was previously set.

The Hull Suite indicates that the market is increasing in line with the recommendations of the forex signal. If buyers can break through the resistance level at $1.15, they might be able to push the price up to the $1.16 and $1.18 barrier levels. Prices may go below the $1.10 and $1.08 support levels if sellers are able to keep the price below the $1.14 barrier.

EURUSD medium-term Trend: Bullish

A medium-term bullish reversion was confirmed for the EURUSD. For almost two weeks, there has been positive pressure on the currency pair. A double bottom chart pattern is observed at $1.08. The price started to rise as it got closer to $1.10; by then, it might have easily fallen below $1.02. Big bullish candles appeared when the price surpassed the Hull Suite signal. Theoretically, the sum may rise from $1.15 to $1.16. Each item’s price is approaching $1.15.

It is currently more expensive than the Hull Suite. An inclining slope is indicated by a higher QQE MOD score.