By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found. Since then, the current downtrend has been initiated.
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 failed to hold for a while.
Further bearish decline extended towards 1.1710 which provided BUYING Pressure while being tested.
Hence, an upside pullback was expected to pursue towards 1.1840 & 1.1990. Both levels failed to provide sufficient bearish pressure. Now, the price zone of 1.1990 stands as a prominent SUPPORT-Zone for the EURUSD pair.
Currently, as long as the ongoing breakout above 1.1990 is maintained, more upside movement is expected to pursue towards 1.2175 where price action should be watched cautiously.
Otherwise, any breakdown to the downside below 1.1990 brings SELLING Pressure into the market for more downside movement towards 1.1900 and probably 1.1840.
The material has been provided by InstaForex Company – www.instaforex.com
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