By the end of February, Near the price level of 1.2250, Significant SELLING Pressure was found. Since then, the current downtrend has been initiated.
Shortly after, the price zone around (1.1990) provided some temporary buying pressure.
However, this recent short-term upside movement was terminated due to lack of sufficient buying momentum.
Another downside movement was expressed towards 1.1840. Breakdown below it triggered another downside movement towards 1.1780-1.1750 where significant BUYING Pressure emerged.
Hence, an upside pullback was expected to pursue towards 1.1840 & 1.1990. Both levels failed to provide sufficient bearish pressure.
More upside movement was expected to pursue towards 1.2175 (backside of the broken trendline) where significant bearish price action was demonstrated.
Currently, the ongoing downside movement towards 1.2070 should be considered. Bearish closure below 1.2050 should be achieved for more bearish confirmation.
If so, further downside movement would be projected towards 1.1990. Otherwise, the pair remains trapped between the depicted price levels (1.2050 & 1.2130).
