The EURUSD pair has failed to maintain enough bearish momentum below 1.1150 (consolidation range lower zone) to enhance further bearish decline.
Instead, bullish breakout above 1.1380-1.1400 has lead to a quick bullish spike directly towards 1.1700 which failed to offer sufficient bearish pressure.
Bullish persistence above 1.1700-1.1760 favored further bullish advancement towards 1.1975 where some considerable bearish rejection has been demonstrated.
The price zone around 1.1975-1.2000 ( upper limit of the technical channel ) stood as a strong SUPPLY-Zone to offer bearish reversal.
Intraday traders should have considered the recent bearish closure below 1.1700 - 1.1750 as this enhanced further bearish decline initially towards 1.1645 and probably 1.1600 if sufficient bearish pressure is maintained.
Trade recommendations :
Conservative traders should wait for any upcoming bullish pullback towards the recently-broken SUPPLY Zone around 1.1750 - 1.1770 as a signal for a valid SELL Entry.
T/P levels to be located around 1.1645 and 1.1600 while S/L to be placed above 1.1800 to minimize the associated risk.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.