The previous episode of upside movement was expressed above the depicted uptrend line (in blue) towards 1.2250 then 1.2350 before it was broken to the downside.
On the other hand, Buying Pressure existed around 1.1950 and 1.1990, resulting in two successive upside movements towards 1.2175 and 1.2250.
Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement towards 1.2040.
The price zone of (1.2040 down to 1.1990) corresponds to the previous Weekly Low which provided some temporary buying pressure.
However, this recent short-term upside movement has shown lack of sufficient buying momentum. Hence, the current downside movement was highly expected.
Recent downside movement is currently being expressed towards 1.1840 which constitutes a prominent support level. Early signs of buying pressure are being manifested
Intraday traders were advised to have another SELL Entry upon a break to the downside below 1.1990. Now, Stop Loss level can be lowered to 1.1930 to offset the associated risk.
Initial Target level was located around 1.1840 remaining target is located at 1.1780.
The material has been provided by InstaForex Company – www.instaforex.com
🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.
As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.