After retesting 1.0930 level, which is the price area right before a 130-pip drop caused by the annoucement at ECB interest rate decision, EURUSD has continued its downtrend and reached a new low at 1.0650 level. This is an important support level, as we can observe back in March 2020 that after price reaching the 1.0650 level, a strong bullish momentum immediately took place, skyrocketing this pair by more than 400 pips back to 1.1100 level. The bullish pump might not occur exactly again at 1.0650 level this time but this level is definitely an important support zone where bullish momentum could easily step in. Therefore, we halted our sell entries and will wait for a potential retracement/correction first before continue selling the down trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.