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Since January 19th, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.
Short-term outlook turned to become bearish towards 1.1175 (a previous weekly bottom which has been holding prices above for some time.
On the period between May 17th and 20th, a bearish breakdown below 1.1175 was temporarily achieved.
As expected, further bearish decline was expected towards 1.1115 where significant bullish recovery was demonstrated bringing the EUR/USD pair back above 1.1175 demonstrating a significant bullish breakout off the depicted bearish channel.
Short-term outlook remains positive/bullish as long as bullish persistence above 1.1255 (61.8% Fibonacci level) is maintained on the H4 chart.
Recently, The EURUSD pair has maintained bullish persistence above the highlighted price levels (1.1175) and (1.1235) for a few days last week.
Further bullish advancement was expected towards 1.1320 which applied significant bearish pressure on the EURUSD pair recently.
Although Temporary Bullish breakout above 1.1320 was initially demonstrated (suggesting a high probability bullish continuation pattern), the pair failed to maintain its bullish persistence above 1.1320 - 1.1290 (Neckline of the double-top pattern) short time after.
This triggered a deeper bearish pullback towards 1.1200 where price action and possible bullish rejection may be demonstrated.
Trade recommendations :
Intraday traders should wait for a bullish breakout above 1.1235 as a valid BUY signal.
Initial Target levels to be located around 1.1320 and 1.1390.
Bearish breakdown below 1.1200 invalidates the current bullish scenario.
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