Since June 2018, the EUR/USD pair has been moving sideways with slight bearish tendency. Narrow sideway consolidations have been maintained within the depicted Flag Channel (In red).
On November 13, the EUR/USD demonstrated recent bullish recovery around 1.1220-1.1250 where the current bullish movement above the depicted short-term uptrend (In blue) was initiated.
Bullish fixation above 1.1420 was needed to enhance a further bullish movement towards 1.1520. However, the market has demonstrated significant bearish rejection around 1.1420 few times so far.
This renders the recent bullish breakout above 1.1420 and 1.1520 as a false breakout. Hence, quick bearish decline took place below 1.1350 extending down towards 1.1290 (Yesterday's Low).
Bearish consolidations below the key-level of 1.1350 (minor up trendline in BLUE) encourages more bearish decline down to 1.1250 as Initial target.
Otherwise, any bullish breakout above 1.1350 enhances further bullish advancement towards 1.1390, 1.1430 and 1.1475.
Conservative traders should consider the current bullish pullback towards 1.1350-1.1370 (short-term uptrend in BLUE) as a valid SELL entry if bearish rejection is demonstrated on lower timeframes.
T/P levels to be located around 1.1310, 1.1270 and 1.1225. S/L to be located above 1.1420.
The material has been provided by InstaForex Company - www.instaforex.com