Three weeks ago, temporary breakout above 1.1750 was demonstrated within the depicted ascending channel. This indicated high probability of bullish continuation towards 1.1880. However, downside pressure pushed the EUR/USD pair towards 1.1700 where significant BUYING Pressure Existed. This was followed by another quick upside movement towards 1.1880-1.1900.
The price zone around 1.1880-1.1900 constituted a KEY Price-Zone as it corresponded to the backside of the depicted broken ascending channel where significant bearish pressure and a reversal Head & Shoulders pattern were demonstrated.
Recently, Two opportunities for SELL Entries were offered upon the recent upside movement towards 1.1880-1.1900. All target levels were achieved. EXIT LEVEL was reached around 1.1720.
Early signs of bullish reversal were demonstrated around the current price levels of 1.1600.
The EUR/USD pair is currently demonstrating a strong BUYING Pattern especially after the current upside breakout above the depicted price zone (1.1750-1.1780) was achieved.
The pair is probably targeting the price levels around 1.1920 provided that the breakout above 1.1780 is maintained on the chart.
Trade Recommendations :-
Currently, the price zone of 1.1800-1.1820 stands as a significant SUPPORT-Zone to be watched upon any upcoming downside pullback for a valid BUY Position. Exit level should be placed below 1.1740.
