Recently, Persistence below the depicted price zone of 1.1990 indicated further downside movement towards 1.1840 and 1.1780 where a sideway consolidation range was established.
During last week, the EURUSD pair has been trapped within a narrow consolidation range between the price levels of 1.1780 and 1.1840. A bullish breakout was executed above 1.1840 shortly after.
Temporary Upside pullback was expected towards 1.1990. However, re-closure below the price level of 1.1840 has initiated another downside movement towards 1.1780 which failed to hold prices for a short period of time before significant upside movement was presented into market.
Intraday traders were advised to wait for candlestick closure above 1.1780 - 1.1840 for another ascending swing to be initiated. However, immediate downside selling pressure brought the pair down towards 1.1700.
Currently, the price zone around 1.1700 remains a prominent demand-zone to be watched for BUYING pressure and a possible BUY Entry.
Initial targets are expected to be projected towards 1.1750, 1.1840 and 1.1910. S/L should be placed below 1.1680.
On the other hand, any downside decline below 1.1700 will enhance further bearish decline towards 1.1670 and 1.1610.
The material has been provided by InstaForex Company - www.instaforex.com