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Since January 19th, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.
For Intraday traders, the price zone around 1.1235 stood as a temporary demand area which paused the ongoing bearish momentum for a while before bearish breakdown could be executed on April 23.
Short-term outlook turned to become bearish towards 1.1175 (a previous weekly bottom which has been holding prices above for a while)
On the period between May 17th and 20th, a bearish breakdown below 1.1175 was temporarily achieved.
As expected, further bearish decline was expected towards 1.1115 where significant bullish recovery was demonstrated bringing the EUR/USD pair back above 1.1175.
Recently, The EURUSD pair has maintained bullish persistence above the highlighted price levels (1.1175) and (1.1235).
That's why, further bullish advancement was expected towards 1.1320 which failed to apply instant bearish pressure on the EURUSD pair on the previous Friday.
That's why, Temporary Bullish breakout above 1.1320 was demonstrated earlier this week, rendering it a newly-established demand level.
However, Yesterday, The pair failed to maintain Bullish persistence above 1.1320 demonstrating a bearish engulfing H4 candlestick.
This will probably allow another bearish pullback to occur towards 1.1235 where recent price action should be considered.
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