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On October 2, an Inverted Head & Shoulders reversal Pattern was confirmed after a bullish breakout above 1.0940 (neckline) was achieved.
This enabled further bullish advancement towards (1.1000 -1.1020) maintained above the depicted bullish trend.
On October 7, temporary sideway consolidation range was demonstrated between the price levels of (1.1000 -1.0940) before further bullish movement was resumed towards 1.1175 where significant bearish rejection was originated.
The price zone around (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 which offered valid bearish positions two weeks ago.
That's why, further bearish decline was executed towards 1.1025 and 1.0995 where the current bullish pullback was initiated.
Recently, the mentioned episode of bullish pullback was demonstrated towards 1.1065-1.1085 where a cluster of supply levels are located (61.8% Fibo - 50% Fibo levels).
The current price levels 1.1065-1.1085 demonstrated early bearish rejection and another valid SELL entry can be taken here (Triple-Top reversal pattern).
Estimated initial bearish targets are located at 1.1020 and 1.1000 provided that an early bearish breakout below 1.1055 (neckline of the triple-top pattern) is achieved
Please note that any bullish breakout above 1.1110 invalidates the mentioned bearish scenario allowing further bullish advancement towards 1.1150.
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