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 the previous article.
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 which failed to offer sufficient bullish pressure.
The price zone around 1.2000 provided temporary bullish SUPPORT for the EURUSD. However, lack of bullish momentum was recently demonstrated. That's why, we were waiting for a bearish continuation Pattern.
However, a recent bullish spike has pursued above 1.2150 - 1.2175 (backside of the broken channel limit) where bearish rejection was previously anticipated.
Instead, bullish continuation pattern is being expressed above 1.2160 which now constitutes the nearest DEMAND Level to offer Bullish Pressure.
Further bullish movement is expressed to pursue towards 1.2330 which is the initialbullish projection target of the recent breakout pattern.
