EURUSD Forecast:

The EURUSD attempted to push higher yesterday, topped at 1.4842 but further bullish momentum was rejected as the pair whipsawed to the downside, closed at 1.4690. On h4 chart below we can see that after break below 1.4766, the pair is now testing 1.4670 area and has slipped below the bullish channel. We are in no trading zone now, but I still prefer a bullish scenario and see this bearish momentum just as normal correction, at least for now. Break below 1.4670 should trigger further bearish pressure testing key support area around 1.4595. Only movement below 1.4595  could be seen as potential threat to the bullish scenario. The bias is neutral in nearest term and I think now is not the best time to trade and short position is not recommended at this phase. Immediate resistance at 1.4766 followed by 1.4867. Break above 1.4867 area should continue the bullish scenario towards 1.5000.