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 was recently being expressed towards 1.1840 which constitutes a prominent support level. Early signs of buying pressure are being manifested.
The current upside movement is expected to pursue towards the next key-zone around 1.1990 where downside pressure maybe found.
Trade Recommendations:
For intraday traders, another Sell Entry can be offered around the current price levels (1.1990) provided that enough selling pressure is applied. S/L should be placed above 1.2030
