EURUSD Forecast:

The EURUSD attempted to push higher yesterday, topped at 1.4347 but further bullish momentum was rejected as the pair whipsawed to the downside and closed lower at 1.4256. On h4 chart below, we can see that after breakdown from the rising wedge formation (blue) the pair retreated to the upside back into the rising wedge area but now traded below the lower line of the rising wedge. This fact should keep the bearish scenario intact. We also have a new bearish channel (red channel) indicating a potential bearish pressure. The bias is bearish in nearest term testing 1.4180/50 area but remains neutral in medium term. However CCI just cross the -100 line up on h1 chart so watch out for potential upside pressure testing 1.4290 resistance area. Break above that area should be seen as bearish scenario failure and could trigger further bullish momentum re-testing 1.4350 area. Eyes on US NFP and Unemployment rate data today that can be the market mover of the day.