The EURUSD pair has failed to maintain enough bearish momentum below 1.1150 (consolidation range lower zone) to enhance further bearish decline.
Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1700 which failed to offer sufficient bearish pressure.
Bullish persistence above 1.1700-1.1760 favored further bullish advancement towards 1.1975 where some considerable bearish rejection has been demonstrated.
The price zone around 1.1975-1.2000 ( upper limit of the technical channel ) remains a strong SUPPLY-Zone to be watched for bearish reversal.
However, Conservative traders should be waiting for bearish closure below 1.1700 - 1.1750. As this indicates lack of bullish momentum and enhances further bearish decline initially towards 1.1645 and 1.1600.
Trade recommendations :
Conservative traders should wait for the current bullish movement to get back below 1.1750 as an indicator for lack of bearish momentum for a valid SELL Entry.
T/P levels to be located around 1.1645, 1.1600 and 1.1500 while S/L to be placed above 1.1860 to minimize the associated risk.
