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08.09.2023 09:13 PM
By the end of June, the buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1200 briefly before the bears took over.
Shortly after, the EUR/USD pair has been trading in a narrow range between 1.0600 and 1.1000, waiting for a clear direction from the market sentiment and the economic data.
The recent breakout above 1.1000 signalled upside movement towards 1.1200, where a downside pullback was initiated towards 1.1000 which failed to provide enough support for the pair.
The recent upside pullback towards 1.1050 (backside of the broken uptrend) was considered for a valid SELLING opportunity.
Moreover, the current downside movement of the price was expected towards 1.0780 which failed to show significant bullish recovery.
Further downside movement extended towards 1.0730 where the next support level was located.
On the other hand, any upside movement towards 1.0800-1.0830 should be considered for another SELL Entry.
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