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In January 2015, the EUR/USD pair moved below the major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010. Hence, a long-term bearish target is projected towards 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level of 1.0570, which was hit in August 1997.
Later in April 2015, strong bullish recovery was observed around the mentioned demand level.
The April candlestick came as bullish engulfing one. However, next monthly candlesticks (September, October, and November) reflected strong bearish rejection around the level of 1.1400.
December's candlestick came as bullish engulfing one allowing the current bullish pullback to take place towards 1.1370.
The price zone of 1.1350-1.1400 remains a significant Supply Zone to be watched during the current bullish pullback. Bearish rejection should be anticipated.
On the other hand, the level of 0.9450 will remain the long-term projected target in case the current monthly candlestick closes below the depicted demand level of 1.0570.
In October 2015, the Daily Supply Zone of 1.1360-1.1400 produced significant bearish pressure shortly after the EUR/USD pair spiked above the level of 1.1500 (daily supply level).
A bearish breakout of the depicted uptrend was performed later on October 23. This enhanced a long-term bearish scenario with targets at 1.0800 and 1.0600.
In November 2015, daily persistence below the level of 1.0800 (prominent key level) ensured enough bearish momentum towards 1.0550 (monthly demand level) where the current bullish swing was initiated.
During the past few weeks, the level of 1.1000 provided a significant bearish rejection for a few weeks. Hence, a consolidation range extending between 1.1000 and 1.0800 was established on the daily chart.
On February 3, a bullish breakout was executed above this consolidation range.
Hence, a quick bullish movement took place towards the zone of 1.1350-1.1450 where previous daily bottoms and the backside of the broken uptrend are depicted on the daily chart.
Trading Recommendations:
Risky traders should consider any signs of bearish rejection near the zone of 1.1350-1.1400 to be a sell signal for a counter-trend position.
On the other hand, a low-risky buy entry can be offered around the recently-broken consolidation range near 1.1000 if a bearish pullback occurs soon.
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