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Back in June 24, the EURUSD looked overbought around 1.1400 facing a confluence of supply levels.
Thus, a bearish movement was initiated towards 1.1275 followed by a deeper bearish decline towards 1.1235 (the lower limit of the previous bullish channel) which failed to provide enough bullish support for the EUR/USD pair.
In the period between 8 - 22 July, sideway consolidation range was established between 1.1200 - 1.1275 until a triple-top reversal pattern was demonstrated around the upper limit.
Shortly after, evident bearish momentum (bearish engulfing H4 candlestick) could bring the EURUSD back below 1.1235.
Early bearish breakdown below 1.1175 facilitated further bearish decline towards 1.1115 (Previous Weekly Low) where temporary bullish rejection was recently demonstrated on July 25.
That's why, Intraday bullish pullback was demonstrated towards 1.1175-1.1200 where a valid SELL entry was suggested in a previous article. It's already running in profits.
This week, bearish persistence below 1.1115 was mandatory to allow further bearish decline initially towards 1.1025 where early signs of bullish recovery are being demonstrated.
A bullish pullback should be expected towards 1.1115-1.1140 where a confluence of recent SUPPLY levels are located.
Risky traders can watch for bullish persistence above 1.1050 as a bullish signal for Intraday counter-trend BUY entry with bullish target projected towards 1.1115-1.1140.
Trade recommendations :
Conservative traders should wait for a bullish pullback towards 1.1115-1.1140 for a valid SELL entry.
S/L should be placed above 1.1175 while initial T/P level should be located around 1.1025.
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