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Since September 13, the EUR/USD has been trending-down within the depicted short-term bearish channel until signs of trend reversal were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).
Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the recent bullish trend.
Temporary bearish rejection and a sideway consolidation range were demonstrated after hitting the price zone of (1.1000 -1.1020) on October 7.
That's why, initial Intraday bearish pullback was demonstrated towards 1.0940-10915 where another bullish swing was initiated.
The intermediate-term outlook remains bullish as long as the EUR/USD pair pursues its current movement above 1.0990 (Last Prominent Bottom).
Moreover, the recent bullish breakout above 1.1120 (100% Fibonacci Expansion) enhanced further bullish advancement towards the price zone of (1.1175-1.1195) where the current bearish pullback was recently originated.
Today, more bearish pullback will probably be expressed towards the depicted Keyzone (1.1090-1.1100) where the depicted uptrend line comes to meet the EUR/USD pair.
Trade recommendations :
Yesterday, Intraday SELL entry was suggested around the price levels of (1.1175-1.1195). It's already running in profits.
T/P levels to be located at 1.1135 and 1.1120. S/L should be lowered to 1.1165 to offset the associated risks.
Conservative traders should wait for further bearish pullback towards the depicted uptrend line (1.1090-1.1100) for a valid BUY entry.
Initial T/P levels to be projected towards 1.1195 while S/L should be placed below 1.1060.
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