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 which is failing to hold so far.
Further bearish decline extended towards 1.1710 which provided BUYING Pressure while being tested.
s the price zone of 1.1700-1.1720 was being challenged, an upside pullback was expected to pursue towards 1.1840 which failed to provide sufficient bearish pressure.
The current Upside breakout above 1.1840 can enhance further movement towards 1.1990.
The material has been provided by InstaForex Company – www.instaforex.com
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