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28.11.2023 06:37 PM
The EUR/USD pair has established an uptrend line on March 2023. Since then, the pair has respected the depicted uptrend line, achieving higher highs around (1.1080 and 1.1260 ) and higher lows around (1.0520 and 1.0650).
In July 2023, aggressive bullish movement extended towards the resistance zone around 1.1270 but failed to sustain the momentum before it came back below 1.1050.
The price reversed from this level and started to drop towards 1.0800, which acted as a temporary daily support before further downside movement could end the validity of this depicted uptrend line in August 2023.
Shortly after, the EUR/USD pair has sustained bearish decline for a few weeks until hit its next target around 1.0450, where several previous demand levels existed.
This lead to another bullish swing expressed over the past few weeks as a continuous bullish move, currently approaching the price level of 1.0990.
The current bullish movement is expected to pursue towards 1.1050 before either a short-term or a long-term bearish pullback can occur.
That's why, the price levels around 1.1050 can be a good opportunity to sell the EUR/USD (backside of the broken uptrend line) with Exit Levels to be located just above 1.1170. Expected bearish target levels are projected towards 1.0840 and 1.0670.
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