The EURUSD had a bullish momentum yesterday, slipped above my bearish channel but price retreat to the downside indicating bullish continuation scenario is potential but don’t be too optimistic yet. We only have 2 options regarding the bearish channel break, whether it is a true breakout or a false breakout. If today price made another bullish above 1.5000 area, I will consider the breakout is valid and bullish momentum should continue testing 1.5062, but if today price fall below 1.4920, I will consider it as a false breakout which lead to significant bearish momentum re-testing 1.4850/20 area. If you follow my daily analysis during the last two weeks, you may know that for me only movement above 1.5062 can be considered as bullish continuation scenario confirmation targeting 1.5150 and 1.5300. Below 1.5062, nothing is confirmed and bearish reversal scenario is still wide open. I still believe so.
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