The EURUSD was corrected lower yesterday. The better-than-expected Euro industrial new orders failed to support the Euro even actual number rose to 3.1%. Today, fundamental focus will be on US Consumer Confidence which is expected to show a better number at 48.0 (Econoday) from 46.6 last month. A worse than expected numbers could be bad for the Euro as risk aversion may increase as investors may reduce their optimism about the recovery, while a better than expected numbers could support the Euro as risk appetite may increase.

Technically on h1 chart below, we have a triangle inside the bullish channel indicating consolidation within the bullish context as long as the bullish channel hold. The bias is neutral in nearest term. A Break from the triangle should give us a clearer direction. A breakout to the upside should continue the bullish scenario towards 1.4446 while a breakdown to the downside and violation to the bullish channel should be seen as bullish failure and trigger further bearish momentum back towards 1.4050 area.