On January 10th, the market initiated the depicted bearish channel around 1.1570.
Since then, the EURUSD pair has been moving within the depicted channel with slight bearish tendency.
On March 7th, recent bearish movement was demonstrated towards 1.1175 (channel's lower limit) where significant bullish recovery was demonstrated.
Bullish persistence above 1.1270 enhanced further bullish advancement towards 1.1290-1.1315 (the Highlighted-Zone) which failed to provide adequate bearish pressure.
On March 18, a significant bullish attempt was executed above 1.1380 (the upper limit of the Highlighted-channel) demonstrating a false/temporary bullish breakout.
On March 22, significant bearish pressure was demonstrated towards 1.1280 then 1.1220.
By the end of last week, a bullish Head and Shoulders reversal pattern was demonstrated around 1.1200.
This will probably enhance further bullish advancement towards 1.1300-1.1315 where price actions should be re-assessed for a possible bullish breakout.
For Intraday traders, the price zone around 1.1235 stood as a significant demand-zone where significant bullish rejection was demonstrated during Yesterday's consolidations.
Short-term outlook remains bullish towards 1.1300 unless bearish breakdown below 1.1250 is achieved on H4 chart.
Trade recommendations :
Conservative traders were suggested to have a valid BUY entry around 1.1235. It's running in profits now.
TP levels to be located around 1.1280, 1.1320. SL should be advanced to 1.1245 to offset the associated risk.
The material has been provided by InstaForex Company - www.instaforex.com