The EURUSD had a moderate bullish momentum yesterday, topped at 1.2710 and closed at 1.2696. This fact should keep the upside correction scenario intact at least testing 1.2750 and 1.2850 – 1.2900 area. However, as you can see on my h1 chart below, we have a rising wedge formation indicating potential bearish pullback especially if price break below the rising wedge. Although we are still in upside correction phase, this formation could be a trap, so I think I will stand aside for now. Immediate support at 1.2605 area. Break below that area could trigger further bearish pressure testing 1.2465.
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