During the past few weeks, the EURUSD pair has been trapped within a consolidation range between the price levels of 1.1700 and 1.1900.
In late September, Re-closure below the price level of 1.1700 has initiated another downside movement towards 1.1540 which managed to hold prices for a short period of time before another decline took place towards 1.1200.
Currently, the price zone around 1.1500 stands as a prominent supply-zone to be watched for SELLING pressure and a possible SELL Entry upon any upcoming ascending movement.
Moreover, it is not advised to add new SELL Entries as the pair already looks oversold.
The material has been provided by InstaForex Company - www.instaforex.com