Relevance up to 18:00 2022-08-06 UTC+00
The recent movement towards 1.1200 was suggested for another SELL opportunity which already reached its targets beyond the price level of 1.0400.
The previous ascending movement above 1.0360 enabled further advancement towards 1.0800 where evident bearish rejection arose again.
The EURUSD pair had been trapped between 1.0350 (the newly recorded Low) and 1.0750 which corresponds to the nearest existing SUPPLY level until a bearish breakout below 1.0350 was recently achieved.
In the intermediate-term, the pair is just above the newly visited price levels around 1.0000 that haven’t been visited since 2002.
That’s why, some bullish recovery was recently demonstrated, especially around such an important psychological support.
The nearest supply level is located around 1.0350 where bearish rejection can be anticipated.
However, another bearish dip to test the price levels of 1.0000 should not be excluded.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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