During April, the ongoing downside movement ( on the left side of the chart ) came to an end. The price levels around 1.1700 provided Significant BUYING Pressure. This initiated the recent uptrend towards 1.2150.
Another downside movement was expressed towards 1.1990. Breakdown below it was needed to allow one more downside visit towards 1.1840.
However, an upside movement was demonstrated towards 1.2175 (backside of the broken trendline) which provided sufficient bearish pressure resulting in a quick downside movement towards 1.2070.
Earlier this week, another upside movement was demonstrated towards 1.2175 which failed to offer sufficient bearish pressure.
Breakout above 1.2175 enhanced further bullish advancement towards 1.2250 as an initial target.
Further upside movement was expected to pursue towards the backside of the broken trend line. However, the pair has failed to do so.
On the other hand, re-closure below 1.2175 is needed to turn the short-term outlook into bearish again.
Persistence below the price level of 1.2175 indicates further downside movement towards 1.2110 and 1.2070.
