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 1.1175 where the current bearish pullback was recently originated.
Earlier this week, the short-term technical outlook has turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).
However, recent bullish spikes have been demonstrated above (1.1090 - 1.1100 ). Thus, hindering further bearish decline until now.
Intraday destination remains unclear until bearish breakout below 1.1090 is re-established again.
On the other hand, the current price levels around 1.1100-1.1120 should be watched for early bearish rejection and a possible Intraday SELL entry.
Quick bearish decline should be expected towards 1.1025 and 1.0995 provided that early bearish breakout below 1.1090 is established again.
Trade recommendations :
Conservative traders can have a valid SELL entry anywhere around the backside of the broken uptrend line (1.1100-1.1120).
Initial T/P levels to be projected towards 1.1065, 1.1020 and 1.0995 while S/L should be placed above 1.1160.
