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The price zone of 1.3800-1.3880 (dotted on the chart) provided considerable SUPPLY for the EUR/USD pair. This price zone managed to pause the bullish momentum leading to obvious breakdown of the depicted bullish trend line.
Bearish pressure which originated off 1.3650 has applied enough pressure on the price level of 1.3560 (corresponding to the previous prominent bottom) exposing the price levels around 1.3360 where bullish recovery was witnessed last week.
Again, the EUR/USD pair has pushed lower towards 1.3330 (prominent bottom established on November 8, 2013), once more after the initial testing that followed the release of the initial readings of the Italian GDP last Thursday.
Bullish fixation above 1.3440 is essential to acquire a momentum strong enough to initiate a bullish corrective move towards 1.3530.
Breakdown of 1.3500 cancels the bullish structure allowing the bears to pursue towards the price level of 1.3420 which represents the upper limit of the newly established consolidation zone (1.3340-1.3420).
The short-term bearish trend remains intact as long as the bears keep defending the price zone of 1.3420-1.3450.
In case the bears keep applying significant bearish pressure, the EUR/USD pair has Intraday DEMAND levels located around 1.3325, 1.3290, and 1.3275 respectively (Fibonacci Expansion Levels).
On the other hand, bullish fixation above 1.3430 ensures a deeper bullish correction towards 1.3520 and 1.3550.
Range breakout is likely to occur soon. A valid entry is suggested in the same direction of the breakout.
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