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.

Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement towards 1.2040.

The price zone around (1.1990) corresponds to the previous Weekly Low which provided some temporary buying pressure.

However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum.

Recent downside movement was expressed towards 1.1840 which constitutes a prominent support level. Early signs of buying pressure were manifested.

The recent upside pullback has pursued towards the key-zone around 1.1990 where signs of downside pressure have recently been expressed twice.

Currently, the price level of 1.1840 (significant demand level) is being challenged with SELLING Pressure. Breakdown below which will probably trigger another downside movement towards 1.1780-1.1750

Trade Recommendations:

For intraday traders, the recent upside pullback towards the price levels of (1.1990) was considered for SELLING the EURUSD. S/L should be placed around 1.1870 to secure more profits.

The next target level would be located around 1.1780.

The material has been provided by InstaForex Company –

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