In late September, Re-closure below the price level of 1.1700 has initiated downside-movement towards 1.1500 where some recovery was witnessed.
Shortly after, Price levels around 1.1700 managed to hold prices for a short period of time before another price decline took place towards 1.1200.
Then the EURUSD has temporarily moved-up within the depicted movement channel until downside breakout occurred recently.
Since then, the price zone around 1.1500 has applied significant SELLING pressure when a valid SELL Entry was offered upon the previous ascending movement towards it.
Hence, the EUR/USD pair has been moving downwards reaching 1.0850, 1.0400 and recently 1.0000.
In the mean time, any ascending movement towards 1.0550 should be watched for selling pressure where a new downside movement can be established.
