Daily Technical Analysis of the Euro/Dollar and Trading Opportunities

In the days before the price drop that started at 1.1200, the area around 1.1700 served as a haven of relative calm. This calm did not last for very long, however.

After a good SELL Entry was offered on the prior upward rise, the price zone around 1.1500 quickly exerted significant SELLING pressure.

When a good SELL Entry developed on the preceding upward rise, this happened. This occurred right after a solid SELL Entry had been presented on the prior rising trend that was continuing on its path. Inching upwards, this escalation was headed in the general direction of the price zone.

After that point in time, the EUR/USD pair began trading at lower values and has remained at lower levels ever since, with the highest level ever reached being 0.9600 and previous highs being 1.0850, 1.0400, and 1.0000.

Sellers will keep applying pressure to the market until a strong upward momentum breaks through 1.0000. It's conceivable that this state of affairs will last for a while. The existing state of affairs is very likely to persist for a very long period.

Price action that moves the pair closer to 0.9500 should be closely watched for signs of additional buying pressure until then.

This must be done at all times whatever the direction in which prices are moving. This is because this area has the potential to kick off a fresh positive trend.

Keeping a keen eye out for signs that anything like this might be happening is, thus, crucial.

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