On Monday, the EUR/USD pair expressed quite weak bullish movement corresponding to the usual sluggish movement of Monday trading sessions which was followed by bearish rejection that took place yesterday as well as today.
The nearest demand zone is located around 1.2970-1.2950 which corresponds to uptrend line and a previous consolidation zone established in May.
In the short-term, the pair remains bullish in the short-term as long as 1.2950 holds price above.
Breakdown of 1.3000-1.2950 allows further bearish movement to take place towards 1.2750 initially.
This bullish recovery witnessed on Monday was subjected to bearish pressure from resistance 1.3150 (previous bottom and SMA 100 on the 4H chart) that pushed the pair further below 1.3050.
The pair is now approaching the depicted uptrend line which comes to meet the pair around 1.2960 roughly.
Trading recommendations:
Watch price action around 1.3000-1.2950 for a valid BUY entry with SL located just below 1.2950, while 1st target should be located at 1.3140.