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On October 2, a bullish breakout above 1.0940 confirmed the depicted Inverted Head & Shoulders reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020)
This bullish movement has been maintained above the depicted bullish trend.
On October 7, temporary sideway consolidation range was demonstrated around the price zone of (1.1000 -1.1020) before further bullish movement was resumed towards 1.1175 where significant bearish rejection was originated.
The price zone around (1.1175 - 1.1190) stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Moreover, the short-term technical outlook has turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).
On the other hand, a long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 which offered bearish rejection upon last week's retesting.
Quick bearish decline was expected towards 1.1025 and 1.0995 provided that the bearish breakout below 1.1090-1.1070 is maintained on a daily basis.
Recently, temporary bullish rejection is being applied around 1.1015 where a short-term double bottom pattern may be demonstrated with a bullish target projected towards 1.1085.
On the other hand, Any bullish pullback towards 1.1065-1.1085 should be watched for early bearish rejection and another valid SELL entry.
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