EUR/USD: exhausted buyers

EUR/USD Sideways Movement!

The EUR/USD pair registered an impressive growth, reaching 1.0882 levels. Now, it has dropped a little and is located at 1.0847 at the time of writing. It's trapped between 1.0847 and the former low of 1.0831. Only escaping from this pattern could bring us new opportunities.

As you can see on the H1 chart, the rate increased within an up channel pattern. Its failure to stay above the upside line signaled exhausted buyers, so we cannot exclude a potential downside movement.

EUR/USD Trading Conclusion!

Dropping below the former low of 1.0831 activates a larger drop in the short term and helps the sellers to catch a new downside movement.

The material has been provided by InstaForex Company - www.instaforex.com

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