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In late February, a recent bullish spike has pursued towards 1.2150 – 1.2200 where bearish rejection was previously anticipated.

Further bearish decline was expected to pursue towards 1.1960 and 1.1850. Both levels got broken to the downside, soon enough to enable further bearish decline afterwards.

Initially, a Short-term sideway movement was demonstrated above 1.1850 enabling a bullish movement to take place towards 1.1970-1.2000 which constituted a prominent Supply Zone.

Shortly after, the EURUSD pair has launched the previous bearish decline below 1.1820. Further bearish continuation was expected to pursue towards 1.1690.

Around 1.1690, a bullish pullback has been initiated since then.

This recent bullish pullback towards the price zone of 1980 failed to find sufficient SELLERS. That’s why, more bullish advancement was demonstrated towards 1.2050.

Currently, failing to apply sufficient bearish pressure around 1.2000, has allowed more bullish movement to pursue towards higher price levels.

More bullish advancement was expected to pursue towards 1.2100 – 1.2150 where bearish rejection was anticipated.

Currently, bearish breakout below the price zone of 1.2050-1.2000 is needed to establish a short-term downtrend. Hence, more bearish decline would be expected towards 1.1990.

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

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