Hey folks, just a quick update on the Price Action of OANDA:EURUSD.
We have seen significant pullback since price crossed the major support line. (i.e. 1.1703) Although this is expected, pullback signals strength due to the recent failed attempt by sellers to bring price back down.
Right now, price is at an inflection point which can go both ways. We need to observe hourly price movements to understand overall buyer/seller sentiment.
From an hourly perspective, major support/accumulation point is at 1.17320. If price is able to form a v-shaped upwards recovery after touching 1.17320, it will retest Hourly Downwards Pressure trendline.
If price breaks above trendline, it might act as a spring for further markup price movement. If price conforms to the trendline, it might form 3rd failed upwards retest and indicate downwards trajectory.
If you are interested in a detailed walkthrough, check out my YouTube link below.