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Recently, Bullish persistence above 1.2265 has enhanced another bullish movement up to the price levels of 1.2520-1.2590 where significant bearish rejection as well as a quick bearish decline were previously demonstrated (In the period between 14th - 21 April).
Currently, Atypical Bearish Head & Shoulders reversal pattern may be in progress. The pair was recently demonstrating the right Shoulder of the pattern.
Hence, Bearish persistence below 1.2265 (Reversal Pattern Neckline) was needed to confirm the pattern. Thus, enhance another bearish movement towards 1.2100, 1.2000 then 1.1920.
By the end of Last Week, Intraday traders were advised to wait for bearish pullback towards the price levels of 1.2300-1.2280 where a low-risk short-term BUY trade could be taken.
The recently demonstrated Lower High around 1.2440 endangered the previously-mentioned short-term bullish scenario.
That's why, the price zone of 1.2300-1.2280 failed to provide enough bullish support for the pair. Thus, the suggested short-term BUY trade was invalidated shortly after.
The current bearish breakdown below 1.2265 should be taken into consideration as it confirms the previously-mentioned reversal-top pattern.
Hence, further bearish decline would eventually be enabled towards 1.2020 as a projection target for the reversal pattern.
Currently, the price zone of 1.2265-1.2300 (Backside of the broken Uptrend) stands as a recently-established SUPPLY-Zone to offer bearish rejection and a valid SELL Entry for the pair in the short-term.
Trade recommendations :
Intraday traders can consider the current bullish pullback towards 1.2265-1.2300 as a valid SELL Entry.
T/P level to be located around 1.2150, 1.2100 and 1.2000 while S/L should be placed above 1.2350.
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