On October 2, an Inverted Head & Shoulders reversal Pattern was confirmed after a bullish breakout above 1.0940 (neckline) was achieved.
This enabled further bullish advancement towards (1.1000 -1.1020) maintained above the depicted bullish trend.
On October 7, temporary sideway consolidation range was demonstrated between the price levels of (1.1000 -1.0940) before further bullish movement was resumed towards 1.1175 where significant bearish rejection was originated.
The price zone around (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 which offered valid bearish positions two weeks ago.
That’s why, further bearish decline was executed towards 1.1025 and 1.0995 where the current bullish rejection was demonstrated.
Currently, another episode of bullish pullback is being demonstrated towards 1.1065-1.1085 where a cluster of supply levels are located (61.8% Fibo – 50% Fibo levels).
The current price levels 1.1065-1.1085 should be watched for early bearish rejection and another valid SELL entry.
Estimated initial bearish targets are located at 1.1040 and 1.1000 if enough bullish rejection is encountered
Any bullish breakout above 1.1110 invalidates the mentioned bearish scenario allowing further bullish advancement towards 1.1150.