FX.co ★ May 3, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

After ascending towards the 1.1500 price zone, the EUR/USD pair encountered significant selling pressure, resulting in declines to levels of 1.0850, 1.0400, 1.0000, and most recently, 0.9600.

The market experienced buying pressure until it reached a plateau around 1.0800-1.0850, followed by notable selling pressure that led to a recent decline in prices.

The price level of 1.0930 emerged as a significant resistance level, providing selling opportunities until a temporary upside movement pushed prices up to 1.1000.

Therefore, the current price level of 1.1000 should be closely monitored for price action and potential selling pressure.

On the other hand, any downward movement towards 1.0600 should be observed for buying pressure, as it could potentially trigger another upward movement.