EURUSD Price: Support Level at $1.081 May Not Hold

Further Price reduction envisaged

EURUSD Price Analysis – 29 January

If sellers can breach the $1.081 support level, EURUSD can drop sharply toward the $1.073 and $1.066 barrier levels. If buyers can maintain the price over the $1.088 barrier, prices can go into the resistance levels of $1.101 and $1.108.

EUR/USD Market

Key Levels:

Resistance levels: $1.088, $1.101, $1.108

Support levels: $1.081, $1.073, $1.066

 EURUSD Long-term Trend: Bearish

EURUSD outlook is bearish. On December 28, the currency pair increased and tested the $1.11 resistance level. The bulls were no longer strong. The price started to drop when bears gathered momentum. There was a boundary violation from $1.088 to $1.101. It reached $1.081, its previous low. The price breaks below $1.08 due to the market sellers’ desire. For the past three weeks, sellers have dominated the market and driven down prices. As of right now, the price is declining.

The Hull Suite, located above the currency pair, suggests a downward trend in the market. If sellers can breach the $1.081 support level, the price can drop sharply toward the $1.073 and $1.066 barrier levels. If buyers can maintain the price over the $1.088 barrier, prices can go into the resistance levels of $1.101 and $1.108.

EURUSD medium-term Trend: Bearish

In the medium term, a decline in the EURUSD is anticipated. Over the past three weeks, the currency pair has been under bearish pressure. A sell-off started when the price approached the resistance level at $1.11. Since the price dropped below the Hull Suite signal, it has generated enormous bearish candles.

The price is currently less than $1.088. The QQE MOD has a value that is less than zero, which suggests a tendency toward decline.

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