On September 13, the EUR/USD pair was testing the backside of both broken trends around 1.1060-1.1080 where significant bearish pressure was demonstrated.
Shortly-After, Few DESCENDING-Tops were established around 1.1075 and 1.1060.
This rendered the recent bullish spike as a bullish trap.
Since then, the EURUSD has been trending-down within the depicted short-term bearish channel.
Bearish persistence below 1.0965 (recent daily bottom) enhanced more bearish decline towards 1.0943 and 1.0920 (Fibonacci Expansion 78.6% and 100% Levels) where recent signs of bullish recovery was recently demonstrated (Inverted Head & Shoulders Pattern).
Thus, a bullish breakout above 1.0960 confirmed the mentioned Pattern which opened the way for further bullish advancement towards 1.1000 where another episode of bearish rejection should be expected.
Moreover, the EUR/USD is demonstrating a long-term Head & Shoulders continuation pattern extending between (1.0930 - 1.1080) with neckline located around 1.0940.
If bearish persistence below 1.0940 (Neckline) is re-established, the long-term Pattern projection target would remain projected towards 1.0840.
Trade recommendations :
Risky traders were advised to consider the recent bullish breakout above 1.0960 as a valid BUY signal. It's already running in profits.
Another Intraday BUY entry can be considered upon any bearish pullback towards 1.0920-1.0940 (Backside of the broken bearish channel). S/L should be placed below 1.0870.
