Daily Outlook
The EUR/USD pair remains trapped between the price levels of 1.2500 and 1.2200 until breakout occurs in either directions.
Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750.
However, significant signs of bearish reversal were manifested around the price levels of 1.2400 (backside of the depicted broken uptrend). This was manifested in the bearish engulfing daily candlestick of March 28.
Hence, the EUR/USD pair remains bearish below the price levels of 1.2400 unless obvious daily bullish support is offered around the price level of 1.2300.
This is considered a low probability after the bearish breakdown of 1.2300 took place on April 3.
Moreover, the depicted Triple-Top reversal pattern needs bearish breakdown of the level of 1.2200 to be achieved on a daily basis. Bearish Projection target would be located around 1.2070-1.1990.
The material has been provided by InstaForex Company - www.instaforex.com
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