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Back in June 24, the EURUSD looked overbought around 1.1400 facing a confluence of supply levels.
Thus, a bearish movement was initiated towards 1.1275 followed by a deeper bearish decline towards 1.1235 (the lower limit of the newly-established bullish channel) which failed to provide enough bullish support for the EUR/USD.
Recent bearish breakdown below 1.1235 invited further bearish momentum to move towards 1.1175.
However, significant bullish momentum was earlier demonstrated around 1.1200 bringing the EUR/USD pair again above 1.1235.
That's why, extensive bullish pullback was expected to pursue again towards the price zone around 1.1275 where a double-top Bearish pattern was demonstrated.
Recent Bearish breakdown of the pattern neckline around (1.1235) confirmed the short-term trend reversal into bearish towards 1.1175.
By the end of last week, lack of enough bearish momentum below 1.1235 brought another bullish pullback towards the depicted key zone around 1.1235 spiking up to 1.1275 (a Weekly High) where significant bearish rejection and a bearish engulfing candlestick were demonstrated.
Fortunately, evident bearish momentum (bearish engulfing H4 candlestick) could bring the EURUSD back below 1.1235 which stands as Intraday Supply zone to be watched for Intraday SELL entries upon any bullish pullback.
Further bearish decline is expected to pursue towards 1.1175 where new price action should be watched.
On the other hand, any bullish breakout above (1.1235-1.1250) should be watched as it brings the EUR/USD pair again between depicted price-zones (1.1235-1.1275) until another breakout attempt is demonstrated in either directions (More probably to the downside).
Trade recommendations :
For Intraday traders, another valid SELL entry can be offered anywhere around the broken neckline around 1.1235.
Initial Target levels to be located around 1.1200 and 1.1175 while Stop Loss should be placed above 1.1260.
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