In the period between December 18th - 23rd, bearish breakout below the depicted previous bullish channel followed by quick bearish decline below 1.3000 were demonstrated on the H4 chart.
However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.
Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where the current wide-ranged movement channel was established between (1.3200-1.2980).
Since January 13, progressive bearish pressure has been built over the price zone of 1.2980-1.3000 until February 5.
On February 6, recent bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channel) where two episodes of bullish rejection were manifested on February 10th and 20th.
This was followed by the recent bullish pullback towards the price zone of 1.2980-1.3000 which has offered considerable bearish rejection.
On the other hand, the lower limit of the channel around 1.2850 has failed to provide enough bullish Support for the pair.
That's why, a quick bearish decline was expressed towards the nearest DEMAND level around 1.2780 where significant bullish rejection and an atypical double-bottom pattern is being demonstrated.
Bullish recovery is expected to pursue towards 1.2980 provided that early bullish breakout is achieved above 1.2850 once again.
On the other hand, bearish persistence below 1.2780 enhances the bearish side of the market probably towards lower bearish targets around 1.2650 (Daily Demand Level).
