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 below 1.1700.
More downside movement took place towards the price level of 1.1600 where significant buying pressure existed.
Market price slided below 1.1700 and 1.1600. This has enhanced further decline towards 1.1500.
Currently, the price zone around 1.1700 stands as a prominent supply-zone to be watched for SELLING pressure and a possible SELL Entry upon any upcoming ascending movement.
Currently, it is not advised to add new SELL Entries as the pair already looks oversold.
The material has been provided by InstaForex Company - www.instaforex.com