The EURUSD continue it’s bullish momentum yesterday, topped at 1.4874 and closed at 1.4851. As you might already know, 1.4850 – 1.4950 area is a very important area for me since I believe any reactions around that area determine whether we will continue the bullish at least towards 1.5300 even 1.6000 area or a bearish reversal back towards 1.4000 area.
So far, the facts show us that the bullish scenario is in control so I prefer a bullish scenario. On h1 chart below we have a valid bullish channel (blue channel) started from October 02 indicating bullish power has been dominating the movement. The bias is bullish in nearest term targeting 1.4950 area but we need consistent move above 1.4850.
My key support level for today is 1.4800. I will be watching any reactions around that support area before make any decisions. As long as that area hold, I think the bullish should continue. However, break below that support area should lead us into no trading zone but short position is not recommended at this phase.