Bulls’ may take over market
EURUSD Price Analysis – 15 April
Buyers may be able to go close to the $1.07 and $1.08 barrier levels shortly if they can overcome the resistance level at $1.06. EURUSD may drop below the $1.04 and $1.03 support levels if sellers are successful in keeping the price below the $1.05 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
It is anticipated that the EURUSD will keep declining. The currency pair lost ground on December 28 and fell into the $1.05 region. The bears had lost their strength. The price began to rise as bulls gained traction. Between $1.06 and $1.07, there was a break in the resistance area. It hit $1.08, its previous high. Sellers defended the just mentioned level and the price to decrease below $1.06. Sellers have acquired greater clout in the market and raised their asking prices two weeks ago. The price is currently dropping and getting closer to $1.05 level.
Positioned above the currency pair, the Hull Suite indicates a bear market trend. Buyers may be able to go close to the $1.07 and $1.08 barrier levels shortly if they can overcome the resistance level at $1.06. Prices may drop below the $1.04 and $1.03 support levels if sellers are successful in keeping the price below the $1.05 barrier.
EURUSD medium-term Trend: Bearish
A turnaround in the EURUSD is expected in the medium run. The currency pair has been under bearish pressure for the last three weeks. At $1.09, a double top chart pattern emerges. When the price approached and then passed the $1.08 support level, a negative trend began. The price has produced massive bearish candles ever since it fell below the Hull Suite forex signals. It drops in price from $1.08 to $1.05 price level.
Right now, it costs less than Hull Suite. A lower QQE MOD score increases the likelihood of a bearish trend.
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