July 19, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.
July 19, 2023 8:24 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 current breakout above 1.1000 signalled upside movement towards 1.1200, where a downside pullback may be initiated towards 1.1000, thus attracting buyers if sufficient BUYING pressure is expressed.
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 current breakout above 1.1000 signalled upside movement towards 1.1200, where a downside pullback may be initiated towards 1.1000, thus attracting buyers if sufficient BUYING pressure is expressed.
The material has been provided by InstaForex Company – www.instaforex.com
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