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On April 26, another bullish pullback was initiated towards the price zone of 1.3130-1.3170 (the upper limit of the movement channel) where the depicted bearish Head and Shoulders reversal pattern was demonstrated on the H4 chart with neckline located around 1.2980-1.3020.
Bearish breakdown below 1.2980 allowed the recent significant bearish movement to occur towards the lower limit of the long-term channel around (1.2700-1.2650) where temporary bullish rejection was expressed.
Shortly after, temporary bullish breakout above 1.2650 was demonstrated for a few trading sessions. This enhanced the bullish side of the market towards 1.2750 which prevented further bullish advancement.
However, recent temporary bearish decline was demonstrated below 1.2600 hindering the mentioned bullish scenario for some time before bullish breakout could be achieved earlier last week.
For the bullish side of the market to remain dominant, bullish persistence above 1.2750 (consolidation range upper limit ) should be achieved by the bulls.
Bullish breakout above 1.2750 brings further bullish advancement towards 1.2840 and 1.2900.
For conservative traders, SELL positions shouldn't be considered around the current price levels unless bearish breakout below 1.2570 becomes confirmed on higher timeframes (which is low probability).
Trade Recommendations:
Intraday traders can have a valid BUY Entry upon bullish breakout above 1.2750.
T/P levels to be located around 1.2840, 1.2900 and 1.2940. S/L should be placed below 1.2680.
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