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07.10.2023 12:37 PM
The EURUSD bulls controlled the price action around the key level of 1.0550-1.0600, leading to more bullish continuation towards 1.1000 and 1.1200.
The recent bullish movement pursued towards the resistance zone around 1.1200 where lack of bullish momentum seemed to exist.
On the other hand, the recent bearish pullback was facing a temporary support around 1.0950 where the short-term uptrend came to meet the pair.
After this trend reversal, price was expected to decline towards to the price levels of 1.0800 which stood as a temporary daily support before another bearish decline could happen.
Early signs of bearish breakdown of the depicted uptrend were executed. Since then, the EUR/USD pair has been declining for the past few days.
More bearish decline was expected towards 1.0450 where a cluster of support zones are located. However, any upside pullback towards 1.0800 should be considered for a valid SELL Entry (backside of the broken uptrend).
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