Earlier in June, one more upside movement was demonstrated towards 1.2175 which failed to offer sufficient bearish pressure for a while.
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 was needed to turn the short-term outlook into bearish again.
Recently, Persistence below the depicted price zone of 1.1990 indicated further downside movement towards 1.1840 and 1.1780 where some bullish recovery has originated.
During last week, the EURUSD pair has been trapped within a narrow consolidation range between the price levels of 1.1780 and 1.1840. A bullish breakout was executed above 1.1840 shortly after.
Temporary Upside pullback was expected towards 1.1990 with special attention if the price level of 1.1990 is bypassed as this indicates further upside movement towards 1.2100.
However, re-closure below the price level of 1.1840 has initiated another downside movement towards 1.1780 which failed to hold prices for a little time before the end of this week.
That's why, bulls were waiting for another candlestick closure above 1.1780 for another ascending swing to be initiated. Initial targets are to be located around 1.1840 and 1.1910.
