Main Quotes Calendar Forum
flag

FX.co ★ August 31, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

parent
Forex Analysis:::2023-08-31T20:41:00

August 31, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

August 31, 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 may be expected towards 1.0780 where price action may show significant presence for the bulls again.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...