As I had expected, after corrected lower on Wednesday, the EURUSD continued it’s bullish scenario yesterday, topped at 1.4817 and closed at 1.4792. As you might already know, I believe that we are in critical phase now with 1.4850 – 1.4950 as the key resistance level. Break above that area could lead us into a new stage of bullish phase towards 1.5300. The bias is clearly bullish now but we have to be careful and keep watching any reaction around 1.4850. On my daily chart below, we can see that we have potential double top formation around 1.4850 area. If price hit 1.4850 and reject further bullish momentum, we might have a potential bearish correction towards trendline support area (orange). Personally I prefer a bullish continuation testing 1.5000 even 1.5300 but like I said, I will be watching reactions around 1.4850 before make any decisions today. Although short position would be very uncomfortable at this phase, any rejection to move above 1.4850 should diminish my bullish view since that area is a long term key resistance level which is potentially has a bigger impact.
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