EURUSD Forecast:

Although we had a volatile market yesterday, the EURUSD made indecisive movement indicating consolidation after some bullish momentum. A look at daily chart below reveals that bullish scenario is confirmed as the price already breakout above the ascending triangle formation. Technically, ascending formation is consolidation pattern after some bullish movement and tend to continue the bullish scenario especially if price make a breakout to the upside, and that’s what happen now. However, CCI in extreme overbought area and heading down on daily chart so I will not surprise if we have some downside corrections at this phase. As long as the pair stay above 1.4446, any downside pressure should be seen as corrections and short positions are not recommended. Immediate resistance at 1.4612 (yesterday’s high). Break above that area should trigger further bullish momentum targeting 1.4719.