The previous episode of upside movement was expressed above the depicted uptrend line (in blue) towards 1.2250 then 1.2350 before it was broken to the downside.
On the other hand, Buying Pressure existed around 1.1950 and 1.1990, resulting in two successive upside movements towards 1.2175 and 1.2250.
Near the price level of 1.2250, Significant SELLING Pressure was found, leading to the current downside movement towards 1.2040.
The price zone of (1.2040 down to 1.1990) corresponds to the previous Weekly Low which provided some temporary buying pressure.
However, this recent short-term upside movement has shown lack of sufficient buying momentum. Hence, the current downside movement was highly expected.
Recent downside movement is currently being expressed towards 1.1840 which constitutes a prominent support level. Early signs of buying pressure are being manifested.
Trade Recommendations:
Intraday traders were advised to have another SELL Entry upon a break to the downside below 1.1990. Stop Loss level can be lowered to 1.1930 to offset the associated risk.
Initial Target level was located around 1.1840 remaining target is located at 1.1780.
