EURUSD Price: Sellers Are Exerting Pressure

Further price reduction envisaged in EURUSD market

EURUSD Price Analysis – 15 January

If sellers can breach the $1.09 support level, EURUSD can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers can maintain the price over the $1.10 barrier, prices may rise to the resistance levels of $1.11 and $1.12.

EUR/USD Market

Key Levels:

Resistance levels: $1.10, $1.11, $1.12

Support levels: $1.09, $1.08, $1.07

 EURUSD Long-term Trend: Bearish

EURUSD outlook is gloomy. On December 11, the currency pair broke down the $1.10 support level and targeted the $1.08 support level. The bears were no longer as strong. Bulls gained momentum, and the price started to pull back. There was a boundary violation between $1.09 and $1.10. It reached $1.10, its previous high. Buyer demand on the market causes the price to surge to the $1.11 barrier level. Over the past two weeks, Sellers have dominated the market, driving down the price. The price is currently dropping.

The market is starting to move badly, as shown by the Hull Suite indicator, which is above the currency pair. If sellers can breach the $1.09 support level, the price can tumble sharply toward the $1.08 and $1.07 barrier levels. If buyers can maintain the price over the $1.10 barrier, prices may rise to the resistance levels of $1.11 and $1.12.

EURUSD medium-term Trend: Bearish

In the medium term, a decline in the EURUSD is anticipated. Last week, there was bearish pressure on the currency pair. A selling frenzy ensued when the price approached the resistance level at $1.11. Ever since the price dropped below the Hull Suite signal, it has produced large bearish candles.

The price is presently below the $1.10 barrier. The QQE MOD’s value is less than zero, which suggests a downward tendency.

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