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Since September 13, the EUR/USD has been trending-down within the previous short-term bearish channel until an Inverted Head & Shoulders Pattern was demonstrated around 1.0880.
Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the recent bullish trend.
On October 7, a sideway consolidation range was demonstrated around the price zone of (1.1000 -1.1020) before another bullish swing could be initiated towards 1.1175 where the previous bearish movement was recently originated.
Last week, the short-term technical outlook has temporarily turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).
However, recent bullish movement has been demonstrated above (1.1090 - 1.1100) advancing towards 1.1175. Thus, hindering further bearish decline.
On the other hand, the current price zone around 1.1175 - 1.1190 should be watched for early bearish rejection and a possible Intraday SELL entry.
Hence, a Double-Top pattern may be in progress with neckline located around 1.1070. Bearish Projection target would be located around 1.1000.
Quick bearish decline should be expected towards 1.1025 and 1.0995 provided that early bearish breakout below 1.1090-1.1070 is re-established again.
Trade recommendations :
Conservative traders can have a valid SELL entry anywhere around the backside of the broken uptrend line (1.1175).
Initial T/P levels to be projected towards 1.1110, 1.1085 and 1.1060. while S/L should be placed above 1.1200.
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