In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again in February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the depicted supply levels (note the monthly candlesticks of May, August and October 2016).

In the longer term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish persistence below 1.0825 is needed to enhance this bearish scenario.

In September 2016, temporary bullish breakout above 1.1250 was expressed again, but evident bearish pressure was applied on the EUR/USD pair on September 16.

Bearish closure below 1.1250 (Supply Level-1) maintained enough bearish pressure and enhanced the bearish momentum towards the price level of 1.1000 (Key-Level 1).

Bullish rejection was expected around the price levels of 1.1000 (Key Level 1) and 1.0825 (Demand Level 1). However, extensive bearish pressure and significant bearish closure below 1.1000 and 1.0825 were eventually expressed.

On November 9, obvious bearish breakdown of the 1.1000 price level occured (Shooting-Star daily candlestick). Moreover, further bearish decline below 1.0825 (Fibonacci Expansion 100%) is expressed today.

The current bearish persistence below 1.0825 allows further bearish decline to occur towards 1.0570 (Demand Level 2) where price action should be watched for short-term bullish recovery.