Few weeks ago, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.
This enhanced further bullish advancement towards 1.1300-1.1315 (supply zone) where significant bearish rejection was demonstrated on April 15.
Short-term outlook turned to become bearish towards 1.1280 (61.8% Fibonacci) then 1.1235 (78.6% Fibonacci).
For Intraday traders, the price zone around 1.1235 (78.6% Fibonacci) stood as a temporary demand area which paused the ongoing bearish momentum for a while before bearish breakdown could be executed few days ago.
Conservative traders were advised to wait for a bullish pullback towards the newly-established supply zone around 1.1235 for a valid SELL entry.
On the long-term, bearish persistence below 1.1235 enhances further bearish decline towards 1.1170 then 1.1115 if enough bearish momentum is expressed.
The current price levels are quite risky for having new sell orders.Moreover, a recent bullish head and shoulders pattern is being demonstrated on the H4 chart.
That’s why, conservative traders should be waiting for another bullish pullback towards 1.1230-1.1250 for a valid SELL entry.
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