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Since January 19th, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.
Short-term outlook turned to become bearish towards 1.1175 (a previous weekly bottom which has been holding prices above for some time.
On the period between May 17th and June 5th, a bearish breakdown below 1.1175 was temporarily achieved.
As expected, further bearish decline was expected towards 1.1115 where significant bullish recovery was demonstrated bringing the EUR/USD pair back above 1.1175 demonstrating a significant bullish breakout off the depicted bearish channel.
Short-term outlook remains positive/bullish as long as bullish persistence above 1.1175 (Demand-Zone) is maintained on the H4 chart.
Although Temporary Bullish breakout above 1.1320 was initially demonstrated (suggesting a high probability bullish continuation pattern),
Recently, The EURUSD pair has failed to maintain bullish persistence above 1.1320 - 1.1290 (Neckline of the double-top pattern) followed by a quick breakdown below the next key-zone around 1.1235.
This triggered a deeper bearish pullback towards 1.1200-1.1175 where price action and possible bullish rejection scenario remains expected.
On the other hand, any bearish decline below 1.1175 opens the way directly towards 1.1115 invalidating the mentioned bullishscenario.
Trade recommendations :
Intraday traders should wait for a bullish breakout above 1.1235 as a valid BUY signal.
Initial Target levels to be located around 1.1320 and 1.1390.
Bearish breakdown below 1.1175 invalidates the current bullish scenario.
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