Prior to the price decline that began at 1.1200, the price levels in the vicinity of 1.1700 were able to maintain stability for a limited amount of time. However, this state of stability did not continue for very long.
In a very short amount of time after that, the price zone around 1.1500 exerted a substantial amount of SELLING pressure when a decent SELL Entry was presented upon the previous upward movement that was heading in its direction.
This occurred when a decent SELL Entry was presented upon the previous upward movement that was heading in its path. This happened at the time when a respectable SELL Entry was offered upon the earlier rising movement that was headed on its course. As it advanced, this ascension was moving in the direction of the price zone, which was the area that was being climbed.
After that moment in time, the EUR/USD pair began trading at lower values, and it has continued to trade at lower values ever since, most recently achieving a high of 0.9600 after having previously traded values of 1.0850, 1.0400, and 1.0000, respectively, over its trading history.
As long as a strong rising momentum is unable to successfully break through 1.0000, sellers will continue to exert pressure on the market. This situation is likely to persist for some time. It is extremely likely that the current condition of affairs will last for a considerable amount of time.
Up until that point, any and all price action that brings the currency pair closer to 0.9500 ought to be vigilantly monitored for indications of increased purchasing pressure.
Regardless of the direction in which the price movement is headed, this should be done at all times. This is due to the fact that this region has the ability to serve as the starting point for a new trend in the positive direction.
As a consequence of this, it is extremely important to keep a sharp lookout for any indications that anything like this could be occurring.