Back in June 24, the EURUSD looked overbought around 1.1400 facing a confluence of supply levels which generated significant bearish pressure over the pair.
Shortly after, In the period between 8 - 22 July, a sideway consolidation-range was established between 1.1200 - 1.1275 until a triple-top reversal pattern was demonstrated around the upper limit.
Then, Evident bearish momentum (bearish engulfing H4 candlestick) could bring the EURUSD below 1.1175.
This facilitated further bearish decline towards 1.1115 (Previous Weekly Low) then 1.1025 (the lower limit of the depicted recent bearish channel) where significant signs of bullish recovery were demonstrated.
Risky traders were advised to look for bullish breakout above 1.1050 as a bullish signal for an Intraday BUY entry with bullish targets around (1.1115, 1.1175 and 1.1235). All of which were successfully reached.
Shortly-After in Mid-August, the EUR/USD has been trapped between 1.1235-1.1175 for a few trading sessions until bearish breakout below 1.1175 occurred on August 14.
Bearish breakout below 1.1175 promoted further bearish decline towards 1.1075 where the backside of the broken bearish channel has been providing significant bullish demand so far (A Bullish Triple-Bottom pattern is in progress).
Bullish persistence above 1.1115 is needed to confirm the short-term trend reversal into bullish.
This would enhance another bullish spike towards 1.1175 as an initial bullish target.
Intraday bearish rejection is currently being manifested on the chart. However, bullish expectations remain valid unless quick bearish breakout below 1.1040 is achieved during today's consolidations.
Trade recommendations :
Conservative traders are advised to have a valid BUY entry anywhere around the current price levels.
Initial T/P levels should be located around 1.1150, 1.1175 and 1.1200.
Tight S/L should be placed just below 1.1040 ( the depicted newly-established uptrend line).
