EURUSD Forecast

The EURUSD continued its bearish correction yesterday, slipped below 1.4500 but still unable to consistently move below 1.4500 so far. The H&S formation has been formed with neckline broken to the downside as you can see on my hourly chart below, confirming the bearish pullback scenario testing 1.4420 (38.2% Fibonacci retracement of 1.3968 – 1.4695) and the lower line of the bullish channel especially if price able to consistently move below 1.4500. On the upside, a movement back above 1.4550 (neckline) would lead us to neutral zone in nearest term but only a clear break above 1.4650 could cancel the H&S bearish scenario and reactivate my bullish mode.

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