The EURUSD has been consolidating in the last two days, moving in a triangle area as you can see on my h4 chart below. I am expecting a break from the triangle to take us out from consolidation phase and give us clearer direction whether price will bearish or bullish.
A. Bearish Side: Major trendline support breakdown. This fact give us technical bearish reversal view testing 1.4625 and 1.4450.
B: Bullish Side: CCI Divergence.This fact give us a technical bullish view at least testing 1.4820.
My opinion is that the bearish reversal scenario should remains intact with technical target around 1.4625 even 1.4450 but in the process, we might have some minor bullish pressure testing 1.4820 area. However if price break above 1.4820 and closed above that level this week, the bearish reversal scenario triggered by trendline support break could be in a serious threat and from longer term view could be seen as the end of bearish correction and continue the major bullish scenario at least re-testing 1.5140 area before aim for 1.5300.
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