EURUSD Price Rebound at $1.06 Level Envisaged

Bulls may dominate EURUSD market this week

EURUSD Price Analysis – 01 July

Buyers can move up to the $1.08 and $1.09 barrier levels if they can break over the $1.07 resistance level. Prices may drop below the $1.05 and $1.04 support levels if sellers are successful in keeping the price below the $1.06 barrier.

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

The expectation is that the EURUSD would drop. On April 17, the currency pair gains momentum and moves higher into the $1.09 range. The bears were no longer as strong. Bulls gained momentum, and the price started to increase. There was a breach in the resistance area between $1.08 and $1.09. It reached its previous high of $1.09. The purchasers lost interest and were unable to raise their offer above the predetermined ceiling. When sellers increased their pressure on the market, the price fell to $1.06. Right now, the price is rising at the $1.06 mark.

The Hull Suite shows that there is still bearishness in the market below the forex signals indication. Buyers can move up to the $1.08 and $1.09 barrier levels if they can break over the $1.07 resistance level. Prices may drop below the $1.05 and $1.04 support levels if sellers are successful in keeping the price below the $1.06 barrier.

EURUSD medium-term Trend: Bullish

In the medium term, a turnaround in the EURUSD is anticipated. For the past two weeks, the currency pair has been under negative pressure. A double top chart pattern appears at $1.08. The price started to drop as it got closer to $1.07 and then over that amount. Ever since the price passed over the Hull Suite signal, it has produced enormous bearish candles. The price drops from $1.08 to $1.06.  At this point, the price is bouncing up.

It is currently more expensive than Hull Suite. An upward trend is indicated by a higher QQE MOD score.

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