The EUR/USD pair has been moving sideways within the depicted expanding channel since August 3.
Previously, a temporary 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.On August 12, a new short-term uptrend line was initiated around 1.1715 which allowed the EURUSD pair to achieve a new breakout above the previously mentioned resistance zone.
On August 19, the mentioned breakout turned to be a buying trap. This enhanced the bearish side of the market towards 1.1800 where significant BUYING pressure has been demonstrated since then.
Recently, the EUR/USD pair is demonstrating downside retracement below the upper limit of the previous movement.
Any downside pullback towards the key level around 1.1815, now acting as a support level, should be considered for a BUYING opportunity.
Initial target would be located around 1.1865 and 1.1900 while Stop Loss should be placed just below 1.1775.
