The EURUSD had another volatile but indecisive movement yesterday. If you look at the daily chart, price has been closing near the opening price since Tuesday, simply suggests indecisive condition. I prefer to see price action this week as a sideways condition between 1.3913 – 1.3670/55 now. My H&S scenario seems failed, but this fact does not necessarily eliminate the downside scenario. Like I said, H&S or not, a clear break and daily close below 1.3670 would turn my intraday bias to a bearish view testing 1.3500 as the bullish phase since bounced from 1.3145 and the break above the bearish channel could be over. However, as long as price stays above 1.3670/55 strong support area, the bullish phase should remain intact. On the upside, a clear break and daily close above 1.3913 could continue the bullish phase challenging the major/key long term resistance around 1.4000.
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