The bullish swing that originated around 1.1650 in August, failed to push higher than the price level of 1.1900. That’s why, another bearish pullback towards 1.1650 was executed.
However, extensive bearish decline has pushed the EURUSD pair towards 1.1600 and lower levels was reached.
Shortly after, significant bullish recovery has originated upon testing the price level of 1.1570.
The recent bullish pullback towards 1.1650-1.1680 was expected to offer bearish rejection and a valid SELL Entry.
Significant bearish decline brought the EURUSD pair again towards 1.1550 levels which stood as an Intraday Support zone. Hence, sideway movement was demonstrated until quick bearish decline occurred towards 1.1200.
Please note that any bullish movement above 1.1500 should be considered as an early exit signal to offset any SELL trades.
The price levels around 1.1520 remain a reference zone that needs to be re-visited when the current bearish momentum ceases to dominate.
The material has been provided by InstaForex Company – www.instaforex.com