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Since January 19th, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.
Short-term outlook turned to become bearish towards 1.1175 (a previous weekly bottom which has been holding prices above for some time.
On the period between May 17th and 20th, a bearish breakdown below 1.1175 was temporarily achieved.
As expected, further bearish decline was expected towards 1.1115 where significant bullish recovery was demonstrated bringing the EUR/USD pair back above 1.1175 demonstrating a significant bullish breakout off the depicted bearish channel.
Short-term outlook remains positive/bullish as long as bullish persistence above 1.1255 (61.8% Fibonacci level) is maintained on the H4 chart.
Recently, The EURUSD pair has maintained bullish persistence above the highlighted price levels (1.1175) and (1.1235).
Further bullish advancement was expected towards 1.1320 which failed to apply instant bearish pressure on the EURUSD pair on the previous Friday.
Temporary Bullish breakout above 1.1320 was demonstrated earlier this week, suggesting a high probability bullish continuation pattern.
However, Yesterday, The pair failed to maintain Bullish persistence above 1.1320 and 1.1290 (Neckline of the double-top pattern).
This may trigger a deeper bearish pullback towards 1.1255 where bullish rejection and a possible BUY entry may be offered.
Trade recommendations :
Intraday traders should wait for a bullish breakout above 1.1290 as a valid BUY signal reflecting failure of the recent reversal pattern.
Initial Target levels to be located around 1.1340 and 1.1390.
Bearish breakdown below 1.1255 invalidates the mentioned bullish scenario.
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