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Few weeks ago, a quick bearish decline was demonstrated towards 1.0965 - 1.0950 where the backside of the broken channel came to meet the EURUSD pair again.
Intraday traders were advised to search for a valid BUY entry anywhere around the price levels of 1.0950. Target levels were successfully reached within the recent bullish movement during last weeks' consolidations.
Shortly After, the EUR/USD pair was testing the backside of both broken trends around 1.1060-1.1080 where significant bearish pressure pushed the pair directly towards 1.0940 (Prominent Weekly Bottom).
Bearish Breakout below the price level of 1.0940 was needed to enhance further bearish decline towards 1.0900 and 1.0840 (Fibonacci Expansion Key-Levels).
However, considerable bullish rejection was demonstrated as a quick bullish spike towards 1.1100 where another episode of bearish rejection was expressed.
Currently, the EUR/USD is trapped within a narrow consolidation range extending between (1.0990 - 1.1090) until breakout occurs in either directions.
By the end of last week's consolidations, Bearish Breakout below 1.1030 was demonstrated. This renders the recent bullish spike as a bullish trap.
That's why, initial bearish decline was expected towards 1.0940-1.0920 while the price levels around 1.1030 remain significant supply levels where bearish rejection was anticipated.
As Expected, the recent bullish pullback towards the price level of 1.1030 was Obviously rejected by the end of Yesterday's consolidations.
Moreover, Bearish persistence below the price level of 1.0970 (recent daily bottom) is mandatory to enhance quick bearish decline towards 1.0930 and 1.0898 (Fibonacci Expansion 78.6%).
Trade recommendations :
Intraday traders were advised to look for a valid SELL entry around the price level of 1.1030.
Target levels should be located at 1.0965, 1.0930 and 1.0898 while S/L should be lowered to 1.1060.
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