On October 2, an Inverted Head & Shoulders reversal Pattern was demonstrated around 1.0880.
Few days later, bullish breakout above 1.0940 (neckline) confirmed the depicted pattern enabling further bullish advancement towards (1.1000 -1.1020).
Since then, the EURUSD pair has been trending-up until October 21 when the pair hit the price level of 1.1175.
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 long-term Double-Top pattern was demonstrated with neckline located around 1.1075-1.1090 which offered valid bearish positions two weeks ago.
That's why, further bearish decline was executed towards 1.1025 and 1.0995 where the current bullish pullback was initiated.
Recently, the mentioned episode of bullish pullback was demonstrated towards 1.1065-1.1085 where a cluster of supply levels are located (61.8% Fibo - 50% Fibo levels).
The current price levels 1.1065-1.1085 demonstrated early bearish rejection and another valid SELL entry can be taken here.
Estimated initial bearish targets are located at 1.1020 and 1.1000 provided that bearish persistence below 1.1055 (neckline of the triple-top pattern) is achieved.
Please note that any bullish breakout above 1.1110 invalidates the mentioned bearish scenario allowing further bullish advancement towards 1.1150.
