The EUR/USD currency pair was in an upward trend and moving in an ascending channel on the chart. At the top of the trend, the market grabbed liquidity at the 1.1000 level.
This sudden and sharp movement to the upside could signal a potential trend reversal and traders should be cautious. The break of the key support level at 1.1000 lead to further declines and a test of the 1.0800 level before the EU market open.
If the price breaks below the key support level at 1.08000, it would indicate further downward momentum and traders can consider a short selling opportunity, before entering a short trade, traders should closely monitor the price action near the support level and look for confirmation from The plancton's strategy rules.
This sudden and sharp movement to the upside could signal a potential trend reversal and traders should be cautious. The break of the key support level at 1.1000 lead to further declines and a test of the 1.0800 level before the EU market open.
If the price breaks below the key support level at 1.08000, it would indicate further downward momentum and traders can consider a short selling opportunity, before entering a short trade, traders should closely monitor the price action near the support level and look for confirmation from The plancton's strategy rules.