Recently, Persistence below the depicted price zone of 1.1990 indicated further downside movement towards 1.1840 and 1.1780 where a sideway consolidation range was established.
During last week, the EURUSD pair has been trapped within a narrow consolidation range between the price levels of 1.1780 and 1.1840. A bullish breakout was executed above 1.1840 shortly after.
Temporary Upside pullback was expected towards 1.1990. However, re-closure below the price level of 1.1840 has initiated another downside movement towards 1.1780 which failed to hold prices for a short period of time before significant upside movement was presented into market.
That's why, intraday traders were advised to wait for another candlestick closure above 1.1780 for another ascending swing to be initiated.
Initial targets are expected to be projecte towards 1.1840 and 1.1910.