On January 10, the market initiated the depicted bearish channel around 1.1570.
The bearish channel's upper limit managed to push price towards 1.1290 then 1.1235 before the EUR/USD pair could come again to meet the channel's upper limit around 1.1420.
Bullish fixation above 1.1430 was needed to enhance further bullish movement towards 1.1520.
However, the market demonstrated obvious bearish rejection around 1.1430
That's why, the current bearish movement was seen towards 1.1175 (channel's lower limit) where some limited bearish recovery was demonstrated on March 7th.
Bullish persistence above 1.1235 (Fibonacci 23.2%) is mandatory to enhance further advancement towards 1.1300-1.1330 (the depicted supply zone).
On the other hand, bearish breakout below this level (1.1235) may liberate a quick decline towards 1.1160 again.
The material has been provided by InstaForex Company - www.instaforex.com
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