Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.
The price zone of (1.1175 – 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 offering valid bearish positions few weeks ago.
That’s why, two consecutive bearish pullbacks were executed towards 1.1025 and 1.0995 where two episodes of bullish rejection were demonstrated.
Recent bullish pullback was demonstrated towards 1.1065-1.1085 where a cluster of supply levels were located (61.8% Fibo – 50% Fibo levels) that initiated a bearish movement towards 1.1000.
On the other hand, recent price action suggested a high probability of bullish reversal around 1.1000 that brought the EURUSD pair again towards 1.1065-1.1085 as expected.
Thus, the EUR/USD Pair has been trapped between the price levels of 1.1000 and 1.1085 until Today as a bullish spike is being demonstrated towards 1.1110.
Initial bearish rejection should be anticipated around 1.1110 to bring bearish decline towards 1.1065.
Moreover, a Head & Shoulders reversal pattern is being demonstrated with neckline located around 1.1065.
Hence, a valid SELL entry can be offered upon bearish breakout below 1.1065. Initial bearish target would be located around 1.1010.
Please also note that any bullish breakout above 1.1090 will probably bring further bullish advancement towards 1.1140 and 1.1175.