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A strong downward momentum on the EURUSD pair has been going on for a long time. The question arises, what correction levels can be expected to sell this pair?
The first significant resistance is the Weekly Control Zone 1.1017-1.1.0998. While the pair is trading below this zone, it is necessary to concentrate on finding a pattern to sell the instrument. A test of the specified zone will give the most favorable prices for entering a short position. Due to the strong pressure of the current situation, a reversal bearish pattern may form after a false breakout of yesterday's high.
It is important to understand that such a strong bearish momentum cannot be broken in a short time and the transition to a new phase will take quite a long time. This may take one to three months. In this regard, the search for purchases at this stage is not profitable.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
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