In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the lower limit of the depicted consolidation range (1.2200).
The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, a descending high was established around 1.1800.
Currently, the EUR/USD pair is testing the price zone of 1.1450-1.1370 (demand zone) where the depicted trend lines are located on the depicted weekly chart.
As anticipated, bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300.
For further bearish decline to occur, the EUR/USD pair needs obvious bearish breakdown below 1.1375. Initial bearish target would be located around 1.1275 then 1.1120 if enough bearish pressure is applied.
Hence, the EUR/USD short-term outlook remains bearish towards the mentioned levels unless bullish breakout above 1.1420 is achieved. This would pause the ongoing bearish momentum allowing bullish pullback to take place.The material has been provided by InstaForex Company - www.instaforex.com