The EURUSD failed to continued its bullish momentum yesterday after unable to stay above 1.4650 and found a support around 1.4550 which could be an important support at this phase. I am still in a bullish mode for this pair but something came up to my mind when looking to the hourly chart. A head and shoulders (H&S) bearish formation might be in the making especially if price finds a resistance around 1.4650 and retest 1.4550 which could be the neckline. So in order to make sure that no H&S formation will be formed at this phase we need a clear break above 1.4700 to keep the bullish scenario remains strong testing 1.4750 – 1.4939. On the downside, a clear break below 1.4550 could trigger further bearish pullback testing 1.4500 even lower.
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