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30.11.2023 10:46 PM
Since early September, the previous depicted downside movement was initiated with projected targets towards 1.0780 then 1.0500 where significant bullish recovery was originated.
Since then, the market has been demonstrating another ascending movement contained within the depicted Blue channel.
Around Mid-November, the EUR/USD pair has demonstrated a strong upside movement, bypassing the upper limit of the movement channel towards the level of 1.0980. The same price level is currently being challenged.
That's why, the market will probably tend to do some retracement towards 1.0900 for retesting.
However, the recent ascending movement was expected to pursue towards the price zone of 1.1050-1.1060 where a solid technical level is located. However, earlier selling pressure was applied around 1.1000 leading to the current downside fall towards 1.0800.
This price zone around 1.0800 should be considered for a valid intraday BUY Entry provided that no break below 1.075 can be achieved on the H4 chart.
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