August 25, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.
August 25, 2023 8:21 pm
By the end of June, the buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1200 briefly before the bears took over.
Shortly after, the EUR/USD 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 support for the pair.
The recent upside pullback towards 1.1050 (backside of the broken uptrend) was considered for a valid SELLING opportunity.
Moreover, another downside movement of the price was expected towards 1.780 where price action should be considered.
The material has been provided by InstaForex Company – www.instaforex.com
By the end of June, the buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1200 briefly before the bears took over.
Shortly after, the EUR/USD 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 support for the pair.
The recent upside pullback towards 1.1050 (backside of the broken uptrend) was considered for a valid SELLING opportunity.
Moreover, another downside movement of the price was expected towards 1.780 where price action should be considered.
The material has been provided by InstaForex Company – www.instaforex.com
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