EURUSD Forecast:

The EURUSD attempted to push lower yesterday, bottomed at 1.4610 but further bearish pressure was rejected as the pair closed higher at 1.4676. We are in downside correction (consolidation) phase but the pair is able to stay above 1.4630 support area so far. I still prefer bullish outlook and short position is not recommended at this phase. On the upside, as you can see on my h4 chart below, the minor trendline resistance (red) could be a critical technical area. A breakout to the upside should trigger further bullish momentum targeting 1.4867 area. On the other hand, failure to move above the trendline resistance could trigger further bearish correction re-testing 1.4630/10 support area. Break below that area should trigger further bearish correction towards 1.4550 area. CCI just cross the -100 line up on h4 chart suggesting potential upside pressure.