Yesterday, I said that the time had come for a downward pullback. In the late trading session, it finally happened.
First, the price reached the level of 1.1900, and then bears took the lead.
The current situation suggests that the euro/dollar pair is likely to continue its bearish movement. Therefore, I will not take a risk but hold off on trades in the upward direction. I still think that the uptrend is not over yet.
The pair is currently trading at the level of 1.1870. If the price is able to consolidate above it, bulls will drag the price back to 1.1900. I hope that this time the quotes will be able to break through this level and go up with a view to hitting a new high.
As an alternative, bears may push the price to the level of 1.1830, from where I will try to open long positions.
FX.co ★ LincolnFxinvestor | EUR/USD