By the end of November, Signs of BUYING Pressure have been initiated around the depicted price zone of 1.1800-1.1840.Shortly after, the EUR/USD pair has demonstrated a quick upside movement.
The pair has targeted the price levels around 1.1990 initially which exerted considerable bearish pressure bringing the pair back towards 1.1920 which constituted a temporary KEY-Zone for the EUR/USD pair.
That’s why, another episode of upside movement was expressed towards 1.2160 where a false breakout above the price level of 1.2200 was regarded as a considerable bearish reversal signal.
Two weeks ago, a short-term reversal pattern has been demonstrated around 1.2265. Intraday downside retracement to the downside was expected to occur.Bearish closure below the mentioned price zone of 1.2200 – 1.2170 was needed to turn the intermediate outlook for the pair into bearish and enhance a quick bearish decline towards 1.2040 then 1.1920.
However, the EUR/USD pair has failed to pursue towards lower price levels. Instead, the pair is currently spiking above the depicted Weekly HIGH around 1.2270.
Trade Recommendations :-
Conservative traders are advised to look for SELL Positions around higher price levels near 1.2270-1.2290. Exit level should be placed above 1.2300. Target levels should be located around 1.2200, 1.2170 then 1.2120.