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Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.
The price zone of (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.
On the other hand, the price levels around 1.1000-1.0995 stood as significant DEMAND zone which has been offering adequate bullish SUPPORT for the pair so far.
Thus, the EUR/USD pair remained trapped between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels were located) until Wednesday.
Earlier this week, considerable bullish recovery was manifested around 1.1040 allowing the current recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted newly-established bullish channel.
Intraday bearish rejection should be expected around the current price levels (1.1175). Quick bearish decline to be expected towards 1.1115 (38.2% Fibonacci level).
On the other hand, the price level of 1.1115 stands as a recent demand level to be watched for bullish rejection and a possible BUY entry.
However, bearish breakout below 1.1080 invalidates this bullish scenario. If so, Bearish projection target to be located around 1.1040 and 1.1010.
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