Daily Outlook

In April 2018, the short-term outlook turned to become bearish when the EUR/USD pair maintained trading below the broken uptrend as well as the lower limit of the depicted consolidation range.

Shortly after, the price zone (1.1850-1.1750) offered temporary bullish rejection towards 1.1990 where a descending high was established. However, the EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, further bearish momentum below the price zone was expressed in the market.

In June 2018, the price zone (1.1850-1.1750) offered significant bearish rejection which led to bearish decline towards 1.1500.

The price zone of 1.1520-1.1420 was considered a prominent bullish demand where a valid bullish BUY entry was offered during previous weeks' consolidations.

Hence, the EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels 1.1520 and 1.1800 until breakout occurs in either direction.

Please note that early signs of bearish rejection around 1.1800 are already manifested on the chart. That's why, further bearish movement towards should be expected towards 1.1670 initially.