Recent Descending-Tops were established around the price levels of 1.1060-1.1075 where the backside of both broken trends was retested.
This rendered the recent bullish spike above 1.1100 as a bullish trap.
Since then, the EUR/USD has been trending-down within the depicted short-term bearish channel until recent signs of bullish recovery were demonstrated around 1.0880 (Inverted Head & Shoulders Pattern).
Shortly After, a bullish breakout above 1.0960 confirmed the mentioned reversal Pattern which opened the way for further bullish advancement towards (1.1000 -1.1020) where another episode of bearish rejection was expected on October 7.
That's why, initial Intraday bearish pullback was expected towards 1.0940-10915 where another bullish swing was initiated as expected.
The intermediate-term outlook remains bullish as long as the EURUSD pair pursues its current movement above 1.0980 (recent ascending bottom).
Moreover, a quick bullish breakout above 1.1030 (0% Fibonacci Expansion) should be achieved. Thus, the short-term projection target remains projected towards 1.1065 and 1.1115.
Trade recommendations :
Intraday BUY entry can be considered upon a bearish pullback towards 1.1000 (Backside of the broken bullish uptrend).
T/P levels to be located at 1.1027 and 1.1065. S/L should be placed below 1.0960.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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