The EURUSD pair was trapped below the previous key-level (1.2000) until bullish breakout occured to the upside recently in December.Further quick bullish advancement was expressed towards 1.2150 just as expected after failing to find sufficient bearish pressure at retesting of the backside of the broken channel around 1.1970-1.2000 which corresponds roughly to Fibonacci Level of 0%.
Recently, the pair looked overbought while approaching the price levels of 1.2250 (138% Fibonacci Level).
However, the intermediate-outlook for the pair remained bullish towards 1.2330 where 150% Fibonacci Level was located. This is where an Intraday SELL Entry was offered.
Bearish closure and persistence below 1.2160 then 1.2000 is needed to abort the ongoing bullish momentum to initiate a bearish movement at least towards 1.1860 and 1.1770.
The price zone around 1.2000-1.1975 remains a Demand Zone to offer bullish SUPPORT for the EURUSD pair if any bearish pullback occurs.
The material has been provided by InstaForex Company - www.instaforex.com