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On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
Since June, the EUR/USD pair has been trapped within a narrow consolidation range ( 1.1500 ) and (1.1750).
On September 10, the price level of 1.1500 offered temporary bullish recovery. A quick bullish movement was demonstrated towards the upper limit of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, evident bearish momentum was being demonstrated on the daily chart.
On October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.
However, Temporary bullish recovery around 1.1430 pushed the EUR/USD pair above 1.1520 until bearish breakdown of 1.1520 occurred again on October 17.
Hence, a descending high was established around 1.1600 enhancing the bearish side of the market.
As for the bearish side of the market to remain dominant, the EUR/USD pair should achieve bearish breakdown below the price level of 1.1400. Next demand level would be located around 1.1275.
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