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During the past few weeks, the EURUSD pair has been trapped within a consolidation range between the price levels of 1.1700 and 1.1900.
In late September, Re-closure below the price level of 1.1700 has initiated another downside movement towards 1.1540.
Price levels around 1.1700 managed to hold prices for a short period of time before another price decline towards 1.1200.
Since then, the EURUSD has been moving-up within the depicted movement channel until bearish breakout occurred by the end of last week's consolidations.
Few weeks ago, the price zone of 1.1350 failed to offer sufficient bearish rejection that's why it was bypassed until 1.1500 which applied significant bearish pressure on the pair.
A possible SELL Entry was offered upon the previous ascending movement towards 1.1500. Any upside movement towards 1.1150 should be considered for another SELL trade.
On the other hand, the EURUSD is currently oversold. Thus, any bearish trades should be discarded until considerable upside movement is demonstrated.
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