FX.co ★ February 1, 2021 : EUR/USD daily technical review and trading opportunities.

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.

Currently, the price zone of 1.1350 stands as an intraday Resistance zone to be watched for short-term SELL trades.

On the other hand, the price zone around 1.1500 stands as a prominent supply-zone to be watched for SELLING pressure and a possible SELL Entry upon the next ascending movement.