EURUSD Price Pulls Back to Retest $1.06 Level

Bears may return in to EURUSD market

EURUSD Price Analysis – 02 December

Sellers may be able to drive the price down to the $1.04 and $1.03 barrier levels if they can breach the support level at $1.05. Prices may rise over the resistance levels of $1.07 and $1.08 if buyers are able to keep the price above the $1.06 barrier.

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

The Double Top chart pattern that develops at the $1.12 level validates the daily chart’s downward trend. On October 1, the currency pair lost momentum at the $1.12 level. It falls below the $1.06 threshold. The bulls were moving less quickly. As bears grew stronger, the price started to drop. The $1.05–$1.06 resistance range was breached. It declines and breaches the previous $1.05 support level. In their haste to seal the deal, the sellers forbade the buyers from going over the limit of their offer. The price decreased to $1.03 as more merchants entered the market. It pulls back to $1.06 and it is currently working hard to overcome the $1.05 support level.

The Hull Suite suggests that the market is becoming bearish in accordance with the forex signal’s suggestions. Sellers may be able to drive the price down to the $1.04 and $1.03 barrier levels if they can breach the support level at $1.05. Prices may rise over the resistance levels of $1.07 and $1.08 if buyers are able to keep the price above the $1.06 barrier.

EURUSD medium-term Trend: Bearish

A medium-term bearish reversion has been verified for the EURUSD. For almost six weeks, there has been bearish pressure on the currency pair. A double top chart pattern appears at $1.12. The price started to fall as it got closer to $1.09 and eventually overtook it; it was simple to fall below $1.07 after that. Big bearish candles emerged as the price fell below the Hull Suite signal. The sum drops from $1.08 to $1.06. The price per unit is approaching $1.05.

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

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