Since September 13, the EUR/USD has been trending-down within the previous short-term bearish channel until an Inverted Head & Shoulders Pattern was demonstrated around 1.0880.
Shortly After, a bullish breakout above 1.0940 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) maintaining bullish movement above the recent bullish trend.
On October 7, a sideway consolidation range was demonstrated around the price zone of (1.1000 -1.1020) before another bullish swing could be initiated towards 1.1180.
The recent bullish breakout above 1.1120 (100% Fibonacci Expansion) enhanced further bullish advancement towards the price zone of (1.1175-1.1195) where the current bearish pullback was recently originated.
The intermediate-term outlook has been bullish until bearish breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level ).
Hence, short-term technical outlook remains bearish as long as the EUR/USD maintains its bearish movement below 1.1090.
That's why, further bearish decline should be expected towards 1.1025 and 1.0995 provided that no bullish breakout occurs above 1.1090.
Trade recommendations :
Conservative traders can have a valid SELL entry anywhere around the backside of the broken uptrend line (1.1100).
Initial T/P levels to be projected towards 1.1065 and 1.1020 while S/L should be placed above 1.1135.
