The structure of the bearish momentum on the EUR/USD pair is clearly visible. It is really obvious to most players. However, yesterday's upward movement showed the presence of orders for the sale of the instrument.
The fast growth of the pair indicates the absence of accumulation of large limit barriers. Today, EUR/USD is trading near the important resistance zone of the WCZ 1/2 1.1760-1.1752. The zone test will allow us to determine the priority of movement until the end of August. Closing trading above the level of 1.1760 will allow us to consider purchases in the medium term, while a bearish reaction to the zone will symbolize a new stage of the pair's decline.
Today's test of the zone will be a landmark, so it is necessary to focus all efforts on finding a pattern for sale. If a "false breakout" or "engulfing" pattern is formed, then short trades will again become the main ones. The most favorable prices are located within the WCZ 1/2.
The above pattern is a continuation of the bearish trend. It will be possible to join the sellers either today, if the European trading session opens and closes below the WCZ 1/2, or tomorrow at the opening of trading.
It is also important to specify an alternative growth option. It will be developed if the closing of today's trading occurs above the level of 1.1760. Purchases today will be premature, however, tomorrow they will come to the fore.
Good luck!The material has been provided by InstaForex Company - www.instaforex.com