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The price zone of 1.2880-1.2900 ( corresponding to the upper limit of the previous broken channel ) was targeted. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was initiated.
A bearish breakout off the bullish channel took place shortly after, thus confirming a Flag continuation pattern. Initial daily target level was located around 1.2490.
Daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) theoretically extends the bearish targets towards price level of 1.2200 (projection target of the bearish flag pattern). However, signs of indecision and hesitance were manifested on the daily chart.
The pair has been moving within narrow range of consolidation. Friday's candlestick ended up with daily closure above 1.2500.
As we mentioned before, the EUR/USD pair was expressing another bearish Flag continuation pattern on the daily chart provided that daily fixation below 1.2490 obviously occurs and soon enough ( already happening today ).
As depicted on the chart, the EUR/USD pair has been respecting the limits of the current bearish channel until November 14.
Last week, the EUR/USD pair tested price level of 1.2500 few times as the bears have failed to apply enough bearish momentum.
Instead, few more ascending bottoms around 1.2400 and 1.2430 were established. This applied bullish pressure on SUPPLY zone located around 1.2500 where the upper limit of the channel is located.
A high probability of bullish reversal existed due to the ascending bottoms that were expressed recently. However, we're now seeing the confirmation of the flag continuation pattern.
Trade recommendations:
The bearish flag scenario should now be considered for the longer-term positions.
The EUR/USD pair now has a bearish projection target roughly located around price level of 1.220.
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