Recently, finding significant demand around 1.2000, has allowed another bullish movement to pursue towards higher price levels ( 1.2100 - 1.2130 ) where bearish rejection was previously anticipated.
Although transient bullish breakout above this zone was temporarily expressed, the pair has failed to maintain bullish movement above 1.2130.
As the price levels were quite overpriced recently, bearish persistence below the current price zone of 1.2050-1.2000 was needed to establish a short-term downtrend.
On the other hand, the price zone around 1.1970 has provided significant bullish rejection so far.
Bearish breakout below 1.1970 is needed to enable more bearish decline initially towards 1.1925.
Currently, the short term outlook for the EURUSD pair looks bearish. Bullish trades are quite risky.
That's why, we should be waiting for signs of bearish rejection like what happened Today.
Bearish re-closure below 1.2050 is needed for more bearish domination. Next bearish targets are located around 1.200 then 1.1990.
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