After such downside movement that took place in November, evident signs of bullish reversal were demonstrated around the depicted price levels of 1.1600.
Shortly after, the EUR/USD pair has demonstrated a significant BUYING Pattern after the recent upside breakout above the depicted price zone (1.1750-1.1780) was achieved.
As mentioned in the previous article, the pair has targeted the price levels around 1.1920 which exerted considerable bearish pressure bringing the pair back towards 1.1800 which constituted a prominent KEY-Zone for the EUR/USD pair.
Recently, the price zone around 1.1840 was mentioned as a prominent KeyZone to be watched for Price Action. Since then, this price zone has been acting as a prominent SUPPORT & the pair has been failing to breakthrough below it.
That’s why, another upside movement was expressed towards 1.1950-1.1980 where the depicted trendline failed to offer sufficient resistance.
Further upside movement is being demonstrated towards 1.2100 where a false breakout to the upside is being expressed as a possible bearish reversal signal.
Hence, Bearish closure below the mentioned price zone of 1.1980-1.1950 is needed to turn the intermediate outlook for the pair into bearish and enhance a quick bearish decline towards 1.1920 and 1.1840.
Trade Recommendations :-
Currently, Conservative traders should be looking only for SELL Positions. Bearish Closure below 1.1980 should be waited for confirmation. Exit level should be placed above 1.2050.
The material has been provided by InstaForex Company – www.instaforex.com
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