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Since May 17, the previous downside movement within the depicted bearish channel came to a pause allowing the recent sideway consolidation range to be established between 1.2750 - 1.2550 with a prominent key-level around 1.2650.
In June , temporary bullish consolidation patterns were demonstrated above 1.2650 for a few trading sessions.
However, the price level of 1.2750 (consolidation range upper limit) has prevented further bullish advancement few times so far.
Moreover, signs of bearish rejection have been manifested (Head & Shoulders reversal pattern with neckline located around 1.2650).
Bearish breakdown below 1.2650 (reversal pattern neckline) confirmed the reversal pattern with bearish projection target located at 1.2550, 1.2510 and 1.2450.
Intermediate-term technical outlook remains under bearish pressure as long as the market keeps moving below 1.2650 (mid-range key-level and neckline of the reversal pattern).
Moreover, the recent Bearish breakdown below 1.2570 - 1.2550 (the lower limit of the depicted consolidation range) confirms a trend reversal into bearish on the short-term.
On the other hand, the recent bullish pullback towards 1.2550-1.2570 was recommended as a valid SELL opportunity for Intraday traders. All bearish Target levels have already been reached.
Recently, quick bearish decline was expected to occur towards 1.2450-1.2400 (the lower limit of the current movement channel) where recent bullish rejection and a bullish pullback was initiated.
Further bullish advancement was demonstrated towards the depicted price zone 1.2480-1.2500 (61.8% - 50% Fibonacci levels) where bearish pressure is expected to be demonstrated.
However, any bullish breakout above 1.2500 (61.8% Fibonacci level) enhances further bullish pullback towards the backside of the broken consolidation range (1.2550) where another valid SELL entry will probably be offered.
Trade Recommendations:
Conservative traders can wait for a pullback towards the backside of the broken consolidation range (1.2550) for a valid SELL Entry.
T/P levels to be located around 1.2480 and 1.2430.
S/L should be placed above 1.2590.
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