August 29, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.
August 29, 2023 6:23 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 1.0780 where price action showed significant presence for the bulls.
The current upside movement may continue towards 1.09200 as a first target level
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 1.0780 where price action showed significant presence for the bulls.
The current upside movement may continue towards 1.09200 as a first target level
The material has been provided by InstaForex Company – www.instaforex.com
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