Relevance up to 19:00 2021-04-09 UTC+3
In late February, a recent bullish spike has pursued towards 1.2150 – 1.2175 (backside of the broken channel limit) where bearish rejection was previously anticipated.
Further bearish decline was expected to pursue towards 1.1960 and 1.1850. Both levels got broken to the downside, soon enough to enable further bearish decline afterwards.
However, a Short-term sideway movement was initially demonstrated above 1.1850 enabling a bullish movement to take place towards 1.1970-1.2000 which constituted a prominent Supply Zone.
Shortly after, the EURUSD pair has launched the current bearish decline below 1.1820. Further bearish continuation is expected to pursue at least towards 1.1690 or at least few pips above.
Around 1.1690, a high probability bullish trade could be taken around it, a bullish pullback should be expected towards 1.1850.
The current bullish pullback towards the price zone of 1.1850-1.1880 should be considered for bearish rejection and a valid SELL ENTRY.
However, failing to apply sufficient bearish pressure will probably enhance further bullish advancement towards 1.2000 where price action should be watched.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Mohamed Samy,
Analytical expert
InstaForex Group © 2007-2021
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