2018-12-28
On the weekly chart, the EUR/USD pair is demonstrating a high-probability of the 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. Narrow sideway consolidations have been maintained within the depicted daily movement channel since June 2018.
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.
Bullish fixation above 1.1420 was needed to enhance further bullish movement towards 1.1520. However, the market has demonstrated significant bearish rejection around 1.1420 few times so far.
Recently, the EUR/USD pair has been trapped between the price levels of 1.1420 and 1.1270 waiting for breakout since November 5.
Today, another attempt of bullish breakout above 1.1420 is being executed. This enhances the bullish side of the market. Bullish persistence above 1.1420 enables further bullish advancement towards 1.1520 and 1.1580 as initial targets.
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