FX.co ★ April 16, 2021 : EUR/USD Intraday technical analysis and trade recommendations.

In late February, a recent bullish spike has pursued towards 1.2150 - 1.2175 (backside of the broken channel limit) where bearish rejection was previously anticipated.

Further bearish decline was expected to pursue towards 1.1960 and 1.1850. Both levels got broken to the downside, soon enough to enable further bearish decline afterwards.

However, a Short-term sideway movement was initially demonstrated above 1.1850 enabling a bullish movement to take place towards 1.1970-1.2000 which constituted a prominent Supply Zone.

Shortly after, the EURUSD pair has launched the current bearish decline below 1.1820. Further bearish continuation is expected to pursue at least towards 1.1690 or at least few pips above.

Around 1.1690, a high probability bullish trade could be taken around it, a bullish pullback was expected to occur towards 1.1850.

This recent bullish pullback towards the price zone of 1880 was suggested for bearish rejection.

However, failing to apply sufficient bearish pressure has enhanced further bullish advancement towards 1.2000 where price action should be watched for possible bearish rejection and a valid SELL Entry.