The EUR/USD pair has been moving-up since the pair has initiated the depicted short-term uptrend line on July 21.
By the end of July, a resistance level was formed around 1.1900 which prevented further upside movement for some time and forced the pair to have a downside pause towards 1.1715 in the form of a Wedge-Pattern.On August 12, a new short-term uptrend line was initiated around 1.1715. Since then, the EURUSD pair has been moving upward until we had significant bearish rejection around the previously mentioned resistance zone @ 1.1950.
Short-term outlook turns negative for the pair. Hence, SELL Positions are preferred at the current time.
Hence, Intraday traders should wait for the current downside movement to achieve a breakout below 1.1710 ( the upcoming trendline) or a valid SELL Position.
Initial target would be located around 1.1670 and 1.1630 while Stop Loss should be set at 1.1750.
