On December 20, bearish invalidation of the depicted short-term channel was demonstrated.
Thus, further bearish decline was expressed towards 1.1065 where significant bullish recovery has originated.
Shortly-after, a quick bullish spike towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and another valid SELL entry.
Suggested bearish position has achieved its targets while approaching the price levels around 1.1110.
However, the Key-Level around 1.1110 has provided some bullish demand. This was followed by a bullish pullback towards 1.1140 and 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.
Recently, evident signs of bearish rejection were demonstrated around 1.1175. That's why, quick bearish decline was executed towards 1.1110.
As expected in a previous article, bearish persistence below 1.1110 enabled further bearish decline towards 1.1060 then 1.1035 which failed to provide any bullish SUPPORT for the EURUSD pair.
Instead, further bearish decline was demonstrated towards 1.1000 where the pair looked quite oversold while approaching the depicted demand level (1.1000).
On the other hand, the EURUSD pair had a recently-established Key Level around 1.1035 which is being breached to the upside failing to provide bearish rejection for the pair.
Short-term technical outlook turns into bullish as long as the EURUSD maintains its movement above 1.1035.
Hence, further bullish advancement was expected towards 1.1085 where a more consistent supply level (the backside of the depicted trend line) is located.
Trade recommendations :Conservative traders can wait for signs of bearish rejection around the current supply level (1.1085) as a valid SELL signal. T/P level to be located around 1.1035.
