On September 13, the EUR/USD started trending-down within the previous short-term bearish channel until an Inverted Head & Shoulders Pattern was demonstrated around 1.0880 on October 1.
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 depicted 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 previous bearish movement was recently originated.
Last week, the short-term technical outlook has temporarily turned into bearish after breakdown below 1.1090 was achieved (the depicted uptrend line and 50% Fibonacci Retracement Level).
However, recent bullish movement has been demonstrated above (1.1090 - 1.1100) advancing towards 1.1175. Thus, hindering further bearish decline.
On the other hand, the price zone around 1.1175 - 1.1190 stood as a significant SUPPLY-Zone that demonstrated bearish rejection for two consecutive times in a short-period.
Hence, a short-term Double-Top pattern is currently in progress with neckline located around 1.1130. Initial Bearish Projection target would be located around 1.1060.
Another long-term Double-Top pattern is being demonstrated with neckline located around 1.1075-1.1090 which needs to be broken-down in order to be activated.
Quick bearish decline should be expected towards 1.1025 and 1.0995 provided that early bearish breakout below 1.1090-1.1070 is re-established again.
Trade recommendations :
Conservative traders could have a valid SELL entry anywhere around the backside of the broken uptrend line (1.1175).
Initial T/P levels to be projected towards 1.1110, 1.1085 and 1.1060. while S/L should be lowered to 1.1170 to offset the associated risk.
