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On March 20, the EURUSD pair has expressed remarkable bullish recovery around the newly-established bottom around 1.0650.
Shortly after, a sideway consolidation range was established in the price range extending between 1.0770 - 1.1000.
On May 14, evident signs of Bullish rejection as well as a recent ascending bottom have been manifested around the price zone of (1.0815 - 1.0775), which enhances the bullish side of the market in the short-term.
Bullish breakout above 1.1000 has enhanced further bullish advancement towards 1.1175 (61.8% Fibonacci Level) then 1.1315 (78.6% Fibonacci Level) where bearish rejection was anticipated.
Although the EUR/USD pair has temporarily expressed a bullish breakout above 1.1315 (78.6% Fibonacci Level), bearish rejection was being demonstrated in the period between June 10th- June 12th.
This suggested a probable bearish reversal around the Recent Price Zone of (1.1270-1.1315) to be watched by Intraday traders.
Hence, Bearish persistence below 1.1250-1.1240 (Head & Shoulders Pattern neckline) was needed to confirm the pattern & to enhance further bearish decline towards 1.1150.
However, the EURUSD pair has failed to maintain enough bearish momentum to do so.
Instead, a narrow-ranged bullish channel is being expressed while re-approaching the price levels of 1.1380-1.1400 where the upper limit of the channel is located.
Please note that any bullish breakout above 1.1400 will probably lead to a quick bullish spike directly towards 1.1500.
Trade recommendations :
The current bullish movement towards the price zone around 1.1380-1.1400 should be watched cautiously by Intraday Traders for any signs of bearish rejection.T/P levels to be located around 1.1315, 1.1250 then probably 1.1175 while S/L to be placed above 1.1400 to minimize the associated risk.
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