On December 6, a bullish swing was initiated around 1.1040 allowing another bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted short-term bullish channel.
Initial Intraday bearish rejection was expected around the price levels of (1.1175).
On December 20, bearish breakout of the depicted short-term channel was executed.
Thus, further bearish decline was demonstrated towards 1.1065 where significant bullish recovery has originated.
Shortly-after, another bullish pullback towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.
Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.
However, the Key-Level around 1.1110 has provided some bullish demand. This was followed by a bullish pullback towards 1.1140 and 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.
Recently, evident signs of bearish rejection were demonstrated around 1.1175. That’s why, quick bearish decline was executed towards 1.1110.
As expected in a previous article, bearish persistence below 1.1110 enabled further bearish decline towards 1.1060 then 1.1040 where some bullish rejection may be expressed.
Currently, the EURUSD pair has a recently-established Supply Level around 1.1080-1.1090 to be watched for new SELL entries if any bullish pullback is expressed.
Trade recommendations :
Few days ago, Intraday traders were advised to consider the recent bullish pullback towards 1.1110-1.1120 as a valid SELL signal. Bearish projection targets were achieved around 1.1060 and 1.1040.Any bullish pullback towards the backside of the recently-broken trend around 1.1080-1.1090 should be considered for another valid SELL entry.