On December 30, a quick bullish spike towards 1.1235 (Previous Key-zone) was suggested to be watched for bearish rejection and a valid SELL entry.
A bearish ABC reversal pattern was demonstrated just before another bearish movement took place towards 1.1100.
However, the EURUSD pair has lost much of its bearish momentum while approaching the price levels around 1.1100.
That's why, another bullish pullback was executed towards 1.1175 where the depicted key-zone as well as the recently-broken uptrend were located.
Evident signs of bearish rejection were demonstrated around 1.1175. That's why, another bearish decline was executed towards 1.1100 then 1.1035 which failed to provide enough bullish SUPPORT for the EURUSD pair.
Further bearish decline took place towards 1.1000 where the pair looked quite oversold. Hence, significant bullish rejection was able to push the pair back towards the nearest SUPPLY level around 1.1080-1.1100.
To be noted, the EURUSD pair had a recently-established Key Level around 1.1035 which is being breached to the upside, now being retested as a demand level.
Hence, intraday traders should be looking for signs of bullish recovery around the current price level (1.1035) as a BUY signal.
Intermediate technicaloutlook remains neutral as long as the pair remains trapped between 1.1000 and 1.1100 (Supply Area).
Hence, further bullish advancement may be expected towards 1.1100 unless bearish breakdown below 1.1035 occurs, which clears the way for another bearish attempt to invade the mentioned demand-level of 1.1000.
Trade recommendations :Intraday traders can wait for signs of bullish rejection around the current key-level (1.1035) on H4 timeframe as a valid BUY signal. T/P level to be located around 1.1100 while S/L to be located below 1.0980.
