The EUR/USD pair had been trending down to 0.9600, the lowest level since 2002, but then rebounded strongly, especially around this vital support level.
The bears were not able to hold the next resistance level at 1.0100, and they lost ground to the bulls who drove the prices higher, This resulted in reaching new bullish targets at 1.0250, 1.0500, and 1.0600.
The bulls controlled the price action around the key level of 1.0550-1.0600, leading to more bullish continuation towards 1.1000 and 1.1200.
Hence, the current bullish movement is challenging the current resistance zone around 1.1200 where price action should be watched for a possible SELL Entry if signs of bearish rejection are expressed.
On the other hand, any bearish pullback to the price levels of 1.1000 should be seen as an Intraday BUY Entry.
