EURUSD Price Trades Above $1.04, Further Increase Envisaged

Buyers are gradually taking over EURUSD market

EURUSD Price Analysis – 03 March

If buyers can break through the resistance level at $1.05., they might be able to push the price up to the $1.06 and $1.07 barrier levels. Prices may go below the $1.02 and $1.01 support levels if sellers are able to keep the price below the $1.03 barrier.

EUR/USD Market

Key Levels:

Resistance levels: $1.05, $1.06, $1.07

Support levels: $1.03, $1.02, $1.01

 EURUSD Long-term Trend: Bullish

The strong double bottom chart pattern formation on the daily chart indicates that the bullish trend is expected to begin close to the $1.02 level. The price’s downward trend was resisted by the bulls. As bulls grew stronger, the price started to increase. The barrier level was breached between $1.03 and $1.05. It tested the most recent resistance level of $1.00 before declining. The sellers keep offers from going over their offer limit because they want to close the deal. The price is increasing and approaching $1.00 as more buyers enter the market. At the moment, it is working hard to overcome the previously set barrier level.

According to the Hull Suite, the market is rising in line with the recommendations of the forex signal. If buyers can break through the resistance level at $1.05., they might be able to push the price up to the $1.06 and $1.07 barrier levels. Prices may go below the $1.02 and $1.01 support levels if sellers are able to keep the price below the $1.03 barrier.

EURUSD medium-term Trend: Bullish

For the EURUSD, a medium-term bullish reversion was verified. The currency pair has been under bearish pressure for nearly two weeks. At $1.02, a double bottom chart pattern is seen. As it approached $1.02, the price began to increase; by that point, it might have easily surpassed $1.02. When the price exceeded the Hull Suite signal, large bullish candles emerged. The total may theoretically increase from $1.02 to $1.05. The cost of each item is getting close to $1.05.

At the moment, it costs more than the Hull Suite. A higher QQE MOD score indicates an inclining slope.

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