FX.co ★ berta.hill | EUR/USD

In the EUR/USD pair yesterday, after a slight northern pullback, the price was uncertainly pushed to the south, resulting in the formation of a candle of indecision with a slight bearish advantage. It is obvious that the southern movement is slowing down and it is quite possible that a corrective price pullback to the resistance level, which is located at 1.06561 according to my analysis, may occur. Near this resistance level, there could be two scenarios. The first priority scenario is related to the formation of a reversal candle and the resumption of the price movement downwards. If this plan is executed, I will be waiting for the price to move towards the support level located at 1.05211. If the price consolidates below this support level, I will expect further southern movement, down to the support level at 1.04482. Near this support level, I will wait for the formation of a trading setup that will help determine the further trading direction. Of course, I acknowledge that during the movement towards the designated southern target, there may be northern pullbacks, which I plan to use to search for bearish signals from the nearest resistance levels, in anticipation of the resumption of the downward price movement within the global bearish trend. An alternative scenario for the price movement when approaching the resistance level at 1.06561 would be a plan with the price consolidating above this level and further corrective northern movement. If this plan is executed, I will expect the price to move towards the resistance level located at 1.07246 or the resistance level at 1.07913. Near these resistance levels, I will continue to search for southern signals, expecting a resumption of the southern price movement. In general, to put it briefly, currently I consider the possibility of a corrective northern movement towards the nearest resistance levels, and then, taking into account the existing global southern trend, I will be searching for bearish signals in anticipation of the resumption of the downward price movement.