Since June 2018, the EUR/USD pair has been moving sideways with a slight bearish tendency within the depicted bearish Channel (In RED).
On November 13, the EUR/USD pair demonstrated recent bullish recovery around 1.1220-1.1250 where the current bullish movement above the depicted short-term bullish channel (In BLUE) was initiated.
Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520.
However, the market has demonstraed an obvious bearish rejection around 1.1420 a few times until yesterday when the daily candlestick achieved a bullish closure above 1.1420.
Further bullish advancement should be expected towards the price level of 1.1520 where the upper border of both depicted channels (RED & BLUE) is located.
Around 1.1520, there's a confluence of supply levels (upper border of depicted channels & previous historical bottoms) where bearish rejection as well as a valid SELL entry would be expected.
Conservative traders should wait for the current bullish pullback to pursue towards the price level of 1.1500 for a valid SELL entry.
T/P levels should be located around 1.1420 and 1.1300. S/L should be located above 1.1570.
The material has been provided by InstaForex Company - www.instaforex.com