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Initially, Temporary Bullish breakout above 1.1335 was demonstrated (suggesting a high probability bullish continuation pattern).
However, the EURUSD pair has failed to maintain that bullish persistence above 1.1320 and 1.1275 (the depicted price levels/zones).
This was followed by a deeper bearish pullback towards 1.1175 where significant bullish price action was demonstrated on June 18.
The EURUSD looked overbought around 1.1400 facing a confluence of supply levels. Thus, a bearish pullback was initiated towards 1.1275 as expected in a previous article.
Further Bearish decline below 1.1275 enhanced a deeper bearish decline towards 1.1235 (the lower limit of the newly-established bullish channel) which failed to provide enough bullish support for the EUR/USD.
The recent bearish breakdown below 1.1235 invited further bearish momentum to move towards 1.1175.
However, significant bullish momentum was earlier demonstrated around 1.1200 bringing the EUR/USD pair again above 1.1235.
That's why, the recent bullish pullback was expected to pursue towards the price zone around 1.1275 where a confluence of resistance/supply levels came to meet the pair.
A recent double-top Bearish pattern was demonstrated around the price zone of 1.1275 where a valid Intraday SELL position was suggested in previous articles.
Bearish persistence below the pattern neckline around (1.1235) is mandatory to confirm the short-term trend reversal into bearish towards 1.1175.
Otherwise, the EUR/USD pair remains trapped between the depicted price-zones (1.1235-1.1275) until breakout occurs in either directions (More probably to the downside).
Trade recommendations :
For Intraday traders, a valid SELL entry was suggested at retesting of the broken key-zone around 1.1275. It's already running in profits.
Initial Target levels to be located around 1.1235, 1.1200 and 1.1175.
Stop Loss should be placed above 1.1300.
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