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FX.co ★ August 22, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

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Forex Analysis:::2023-08-22T18:49:01

August 22, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

August 22, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.By the end of June, the buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1200 briefly before the bears took over.

Shortly after, the EUR/USD pair has been trading in a narrow range between 1.0600 and 1.1000, waiting for a clear direction from the market sentiment and the economic data.

The recent breakout above 1.1000 signalled upside movement towards 1.1200, where a downside pullback was initiated towards 1.1000 which failed to provide enough support for the pair.

The recent upside pullback towards 1.1050 (backside of the broken uptrend) was considered for a valid SELLING opportunity.

Moreover, another downside movement of the price was expected towards 1.0850 where price action should be considered.

Analyst InstaForex
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