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Recently, failing to apply sufficient bearish pressure around 1.2000, has allowed more bullish movement to pursue towards higher price levels ( 1.2100 - 1.2150 ) where bearish rejection was previously anticipated.
Although transient bullish breakout above this level was temporarily expressed, significant bearish momentum has emerged bringing the EURUSD pair back below 1.2050.
As the price levels were quite overpriced recently, bearish persistence below the current price zone of 1.2050-1.2000 was needed to establish a short-term downtrend.
Hence, more bearish decline was expected towards 1.1970 which has provided quite significant bullish rejection so far.
Bearish breakout below 1.1970 was needed to enable more bearish decline initially towards 1.1925.
However, the EURUSD achieved a recent bullish breakout above 1.2130 towards 1.2155 which applied some bearish rejection.
Currently, the pair looks quite overbought. Bullish trades are quite risky.
That's why, we should be waiting for signs of bearish rejection. Bearish re-closure below 1.2100 is needed for short-term outlook to turn into bearish with estimated target around 1.2050 then 1.1990.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
