EURUSD Forecast

The EURUSD had a bearish momentum yesterday, bottomed at 1.4270 after made a false breakout above the triangle and violated the bullish channel as you can see on my hourly chart below.  The bias is bearish in nearest term especially if price able to make another break below 1.4270 retesting the lower line of the triangle and 1.4170 support area. However we still need a clear break from the triangle to see clearer direction and overall price remains in consolidation phase, a non trending market without consistent momentum so do not rush jumping into the market. Immediate resistance is seen around 1.4370 region (former support). A clear break back above that area could lead price to neutral zone in nearest term but would reopen the door for another retest of the upper line of the triangle.

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