We talked about consolidation of the pair within the price range 1.2950 -1.3240 and the importance of breakout off this zone for the liberation of the pair.
EUR bears were interrupted at Intraday support (1.2800-1.2830), failing to have daily/weekly closure below 1.2800. This enhanced the bullish retracement towards 1.2950 which expressed significant bearish rejection giving further confirmation for the double top pattern.
Breakdown of support zone around 1.2950 revived a "Double-Top" pattern on the daily chart that still has final target at 1.2680.
A bullish Head and Shoulders pattern was mentioned on the 4H chart Yesterday which achieved its target around 1.2995 so quickly. However, it is important to note that price Levels 1.2950 (broken support) providesd Intraday resistance for the EUR/USD pair.
The EUR/USD pair is still bearish which needs 1.2790 breakdown to resume the bearish movement towards 1.2750-1.2730 initially then 1.2650.
Failure of the EUR/USD to breakdown 1.2790 invalidates the bearish scenario in the short term.
