August 18, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.
August 18, 2023 8:25 pm
In March, After hitting a strong resistance at 1.1500, the EUR/USD pair dropped to 1.0850, 1.0400, 1.0000, and finally, 0.9600.
The pair found recovery around 1.0800-1.0850 but encountered more resistance that dragged the prices down again.
The buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1000 briefly before the bears took over.
The pair has been trading in a narrow range between 1.0600 and 1.1000, waiting for a clear direction from the market sentiment and the economic data.
The recent breakout above 1.1000 signalled upside movement towards 1.1200, where a downside pullback was initiated towards 1.1000 which failed to provide enough BUYING pressure.
The recent upside pullback towards 1.1025 was considered for a valid SELLING opportunity. Moreover, Further downside movement of the price should be expected towards 1.0850 where another look for price action should be done.
The material has been provided by InstaForex Company – www.instaforex.com
In March, After hitting a strong resistance at 1.1500, the EUR/USD pair dropped to 1.0850, 1.0400, 1.0000, and finally, 0.9600.
The pair found recovery around 1.0800-1.0850 but encountered more resistance that dragged the prices down again.
The buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1000 briefly before the bears took over.
The pair has been trading in a narrow range between 1.0600 and 1.1000, waiting for a clear direction from the market sentiment and the economic data.
The recent breakout above 1.1000 signalled upside movement towards 1.1200, where a downside pullback was initiated towards 1.1000 which failed to provide enough BUYING pressure.
The recent upside pullback towards 1.1025 was considered for a valid SELLING opportunity. Moreover, Further downside movement of the price should be expected towards 1.0850 where another look for price action should be done.
The material has been provided by InstaForex Company – www.instaforex.com
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