FX.co ★ August 9, 2023 : Analyzing Recent Trends and Trading Opportunities in EUR/USD: A Technical Analysis Perspective.

In March, After hitting a strong resistance at 1.1500, the EUR/USD pair dropped to 1.0850, 1.0400, 1.0000, and finally, 0.9600.

The pair found recovery around 1.0800-1.0850 but encountered more resistance that dragged the prices down again.

The buyers struggled to break above 1.0930, which was a crucial hurdle, and only managed to reach 1.1000 briefly before the bears took over.

The pair has been trading in a narrow range between 1.0600 and 1.1000, waiting for a clear direction from the market sentiment and the economic data.

The recent breakout above 1.1000 signalled upside movement towards 1.1200, where a downside pullback was initiated towards 1.1000 which failed to provide enough BUYING pressure.

The recent upside pullback towards 1.1025 was considered for a valid SELLING opportunity. Moreover, Further bearish decline should be expected towards 1.0850 where another look for price action should be done.