The EURUSD was traded lower earlier today in Asian session around 1.2480 at the time I wrote this comment after touched the major trendline support on Friday. On h4 chart below we can see that price is now testing the lower line of the bullish channel. Although the major scenario remains bearish, note that as long as price move in the bullish channel the bullish correction scenario remains intact and only a violation to the bullish channel can be a threat the bullish correction scenario. Also I have been watching an interesting phenomena lately where price tend to go lower in Asian session but go to the upside significantly in US session. Immediate support at 1.2440 area. Consistent move below that area could trigger further bearish pressure testing 1.2350 before testing 1.2280/60 region. Initial resistance at 1.2700 area. Consistent move above that area could be a serious threat to the major bearish scenario.
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