Recently, the EURUSD pair looked overbought while approaching the price levels of 1.2250 (138% Fibonacci Level).
That's why, conservative traders were advised to look either for SELL Positions around the previous price levels at 1.2330 (150% Fibonacci Level) in previous articles.
Recently, Bearish closure and persistence below 1.2160 was needed to abort the ongoing bullish momentum. This allowed the recent bearish movement to pursue towards 1.2050 where the depicted key-zone is located.
However, Intraday traders were advised to look for short-term BUY Trade around the price zone of 1.2000.
This price zone provided temporary bullish SUPPORT for the EURUSD. However, lack of sufficient bullish momentum was recently demonstrated.
Early Exit was suggested for the previous BUY Position while waiting for a possible bearish continuation Pattern.
Bearish persistence below 1.2000 enhanced temporary bearish movement towards 1.1960 where significant bullish rejection was expressed.
That's why, the current bullish spike has pursued towards 1.2130-1.2150 (backside of the broken trend line) where bearish rejection and a valid SELL Entry should be anticipated.
Initial Bearish target would be located around 1.2020.
