EURUSD Forecast

The EURUSD was indecisive yesterday. Price attempted to push higher, but still unable to break above 1.2641 key resistance area and whipsawed to the downside, hit 1.2512 earlier today. This fact keeps the major bearish scenario intact, but as you can see on my h4 chart below price is still moving inside the minor bullish channel and need a clear break below the channel to end the bullish correction phase and continue the major bearish scenario. The bias is neutral in nearest term.  On the downside, important intraday support is seen around 1.2500 – 1.2450. A clear break and daily close below that area could end the bullish correction phase retesting 1.2287 region. We also have a CCI bearish divergence on h4 chart suggests potential bearish view.  On the upside, a movement above 1.2641 will interrupt the bearish trend.

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