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Recently, the EURUSD pair looked overbought while approaching the price levels of 1.2250 (138% Fibonacci Level).

That’s why, conservative traders were advised to look either for SELL Positions around the previous price levels at 1.2330 (150% Fibonacci Level) in the previous article.

Recently, Bearish closure and persistence below 1.2160 was needed to abort the ongoing bullish momentum. This allowed the recent bearish movement to pursue towards 1.2050 where the depicted key-zone is located.

However, Intraday traders should were advised to look for short-term BUY Trade around the price zone of 1.2000.

This price zone provided temporary bullish SUPPORT for the EURUSD. However, lack of sufficient bullish momentum is currently being demonstrated.

Early Exit should be considered for the previous BUY Position while waiting for a possible bearish continuation Pattern.

Bullish closure below 1.2160 is needed to enhance further upside movement towards 1.2250 as an Intraday target. On the other hand, Bearish closure below 1.2000 would enhance the continuation of the current bearish Head and Shoulders Pattern towards lower targets around 1.1950 and probably 1.1860

The material has been provided by InstaForex Company – www.instaforex.com

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