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Back in June 24, the EURUSD looked overbought around 1.1400 facing a confluence of supply levels.
Thus, a bearish movement was initiated towards 1.1275 followed by a deeper bearish decline towards 1.1235 (the lower limit of the previous bullish channel) which failed to provide enough bullish support for the EUR/USD pair.
In the period between 8 - 22 July, sideway consolidation range was established between 1.1200 - 1.1275 until a triple-top reversal pattern was demonstrated around the upper limit.
Shortly after, evident bearish momentum (bearish engulfing H4 candlestick) could bring the EURUSD back below 1.1235.
Early bearish breakdown below 1.1175 facilitated further bearish decline towards 1.1115 (Previous Weekly Low) where temporary bullish rejection was recently demonstrated on July 25.
That's why, Intraday bullish pullback was demonstrated towards 1.1175-1.1200 where a valid SELL entry was suggested in a previous article.
Earlier last week, bearish persistence below 1.1115 allowed further bearish decline towards 1.1025 where significant signs of bullish recovery were demonstrated.
Risky traders were advised to watch for bullish persistence above 1.1050 as a bullish signal for Intraday BUY entry with initial bullish targets projected towards 1.1115 then 1.1175.
It's already running in profits. S/L should be advanced to 1.1140 to secure more profits and let the remaining portion open.
On the other hand, the current price zone of 1.1175-1.1200 (a cluster of previous bottoms) stands as a prominent SUPPLY zone where signs of bearish rejection and a possible SELL entry should be considered.
Trade recommendations :
Intraday traders can have a short-term SELL entry anywhere around the current price levels (1.1200).
S/L should be tight (above 1.1240). T/P level to be located around 1.1125-1.1115.
Conservative traders should wait for a bearish movement towards 1.1125-1.1115 for a valid BUY entry. S/L should be placed just below 1.1080 while initial T/P levels should be located around 1.1160 and 1.1200.
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