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Since October 2, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.
The price zone of (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Hence, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 which got broken to the downside on November 7.
On the other hand, the price levels around 1.1000-1.0995 stood as significant DEMAND zone which has been offering adequate bullish SUPPORT for the pair so far.
Shortly-after, the EUR/USD pair has been trapped within a narrower consolidation range between the price levels of 1.1000 and 1.1085-1.1100 (where a cluster of supply levels and a Triple-Top pattern were located) until December 11.
That's when significant bullish swing was initiated around 1.1040 allowing the current recent bullish breakout above 1.1110 to pursue towards 1.1175 within the depicted newly-established bullish channel.
Intraday bearish rejection was expected around the price levels of (1.1175). Quick bearish decline was demonstrated towards 1.1115 (38.2% Fibonacci level).
Recently, the price level of 1.1115 stood as a temporary Intraday demand level that prevented further bearish decline for a while before further bearish decline was demonstrated earlier Today.
Bearish breakout below 1.1080 probably indicates further bearish decline to be anticipated towards 1.1065.
On the other hand, any bullish pullback towards 1.1115 should be watched for bearish rejection and another SELL entry.
If earlier bearish decline is demonstrated, next bearish projection target would be located around 1.1010.
Trade recommendations :
Conservative traders should wait for a bullish pullback towards 1.1115 ( reversal pattern neckline ) as a valid SELL signal.
Bearish projection target to be located around 1.1090, 1.1040 and 1.1010.
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