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.
By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement.
The price zone around (1.1990) corresponds provided some temporary buying pressure.
However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum.
Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750.
Currently, the price level of 1.1750 (significant demand level) has recently been challenged, with high probability of bullish pullback to pursue towards 1.1840.
Intraday traders should be waiting for an upside movement towards 1.1850-1.1880 for another valid SELL Entry.
The material has been provided by InstaForex Company – www.instaforex.com
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