EURUSD Forecast:

The EURUSD had a bearish momentum yesterday, bottomed at 1.4042 and closed at 1.4071. On h4 chart below we have two bearish channel indicating a strong bearish phase. The bias is bearish in nearest term but note that we have a good support around 1.4000/30 area. We need a clear break below that area to continue the bearish scenario targeting 1.3750. Immediate resistance at 1.4120 area. Break above that area should trigger further bullish correction towards 1.4200 – 1.4250 but I still prefer a bearish scenario with sell on rallies strategy.