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 1.1750 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 ) stood as a strong SUPPLY-Zone to offer bearish reversal.
Intraday traders should have considered the recent bearish closure below 1.1700 - 1.1750 as an indicator for a possible bearish reversal.
The price zone of 1.1775-1.1850 remains a solid SUPPLY Zone to be considered for signs of bearish reversal by Intermediate-term traders.
Trade recommendations :
Conservative traders should wait for the current bullish pullback to pursue towards the recently-broken DEMAND Zone around 1.1770 as a valid SELL Entry.
T/P levels to be located around 1.1645 and 1.1600 while S/L to be placed above 1.1800 to minimize the associated risk.
