The EURUSD failed to consistently move above 1.5062 yesterday, topped at 1.5083 but closed lower at 1.5006. As long as my trendline support (red) hold and price stay above 1.4850/20 area, I still prefer bullish scenario with 1.5150 and 1.5300 as technical target. However, as you can see on my h4 chart below, price is now moving in a new bearish channel (blue channel), making lower lows and lower highs indicating potential bearish correction. The way I see it, so far the bullish momentum can not recover convincingly since Dubai World created panic last week, so the pair still vulnerable for further downside momentum re-testing 1.4850/20 and the trendline support area again. For me that area remains the best area to place long position with stop loss below the trendline. Immediate support at 1.4950/20. Break below that area should trigger further bearish momentum. On the upside, we still need consistent move above 1.5062 to continue bullish towards 1.5150 today.
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