In May 2018, a EURUSD dip started as the price fell below 1.16997 and went as low as 1.06394., this was over 1000pips. Later in 2020, The EURUSD bulls pushed the price upward to a new resistance at 1.16997 in July 2020, and in August 2020 it stood as support. The EUR has gained so much against the dollar since after the ease of lockdown in 2020.
In April 2021, EURUSD had a bullish run from a support level at 1.7032 to 1,22651 in the last trading week in May. The bears took over and pushed the price to the support level at 1.7032. There was a fake-out to the downside, price has tried to retrace with three bullish candlesticks in the last 4 trading days. At the beginning of August 2020, the bulls tried to break the minor resistance level at 1.19019 to the upside, but instead, the bears pushed the price lower. As we see the bull power gaining momentum in the past 3 trading days, we might see the price reach the next resistance level at 1.19019. A breakout to the upside might push the price towards the major resistance level at 1.23465.
Between June and July, RSI has revealed 2 oversold positions. This could be an indication of a possible reversal.