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Few weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.
This enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where significant bearish rejection was demonstrated on April 15.
Short-term outlook turned to become bearish towards 1.1280 (61.8% Fibonacci) then 1.1235 (78.6% Fibonacci).
For Intraday traders, the price zone around 1.1235 (78.6% Fibonacci) stood as a temporary demand area which paused the ongoing bearish momentum for a while before bearish breakdown could be executed on April 23.
That's why, the price zone around 1.1235-1.1250 has turned into supply-zone to be watched for bearish rejection.
On the other hand, the market has failed to sustain bearish pressure below the price Level of 1.1175 during last week's consolidations.
That's why, another bullish pullback was expected to occur towards the price zone of 1.1230-1.1250 where significant bearish pressure has originated Today.
Trade recommendations :
Conservative traders were advised to look for a valid SELL entry around the depicted supply zone (1.1235-1.1250).
S/L should be placed around 1.1280
Initial Target levels should be located around 1.1200, 1.1175 and 1.1140.
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