Recently, finding significant demand around 1.2000, has allowed another bullish movement to pursue towards higher price levels ( 1.2100 - 1.2130 ) which failed to apply sufficient bearish pressure on the pair.
Transient bullish breakout above this zone was temporarily expressed. However, the pair has failed to maintain intermediate-term bullish movement above 1.2130.
On the other hand, Bearish persistence below the price zone of 1.2050-1.2000 was needed to establish a short-term downtrend.
Shortly after, Bearish re-closure below 1.2100 then 1.2050 allowed more bearish domination.
Initial bearish targets were located around 1.1940 then 1.1800 which offered some bullish rejection for sometime before another bearish movement could take place towards 1.1780.
Recently, the EURUSD pair has been moving downwards within the depicted bearish channel while the price level of 1.1780 stood as a prominent demand level that prevented further bearish decline.
That's wh, a bullish breakout above 1.1830 is needed to enable further bullish advancement towards 1.1970 initially.
Any upcoming bullish pullback towards 1.1985 should be considered for bearish rejection and a valid SELL Entry.
The material has been provided by InstaForex Company - www.instaforex.com