September 1, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.
September 1, 2023 9:21 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, the current downside movement of the price was expected towards 1.0780 where price action may show significant presence for the bulls again.
Otherwise, further downside movement may extend towards 1.0730 where the next support level is located.
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, the current downside movement of the price was expected towards 1.0780 where price action may show significant presence for the bulls again.
Otherwise, further downside movement may extend towards 1.0730 where the next support level is located.
The material has been provided by InstaForex Company – www.instaforex.com
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