On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
On the Daily chart, the pair has been moving sideways with slight bearish tendency. Recent bearish movement is maintained within the depicted daily movement channel.
On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the lower limit of the channel as well as the depicted demand zone came to meet the pair.
Quick bullish advancement was demonstrated towards 1.1420. To be noted that prominent supply zone as well as the previous wave high are located around 1.1420-1.1520.
Bullish fixation above 1.1420 enhances further bullish movement towards 1.1520 and probably 1.1600 where the upper limit of the daily channel comes to meet the EUR/USD pair.
Otherwise, the EUR/USD pair remains trapped below 1.1400 within a narrow price range (1.1275-1.1400) until breakout occurs in either directions.
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