Earlier this month, another upside movement was demonstrated towards 1.2175 which failed to offer sufficient bearish pressure.
Breakout above 1.2175 enhanced further bullish advancement towards 1.2250 as an initial target.
Further upside movement was expected to pursue towards the backside of the broken trend line. However, the pair has failed to do so.
On the other hand, re-closure below 1.2175 was needed to turn the short-term outlook into bearish again.
Recently, Persistence below the depicted price zone of 1.1990 indicated further downside movement towards 1.1840 and 1.1780 where some bullish recovery has originated.
On the other hand, upside pullback towards 1.1990 should be watched for SELLING Pressure with special attention if the price level of 1.1990 is bypassed as this indicates further upside movement towards 1.2100.
The material has been provided by InstaForex Company - www.instaforex.com