The EURUSD failed to continue it’s bullish momentum yesterday. The pair attempted to push higher, topped at 1.4801 but whipsawed to the downside, closed lower at 1.4660. On my h4 chart below we can seen that the price break below 1.4670 support area and now ready to test the key support level at 1.4595 area. The situation is really tricky now. Although we have serious threat to the current bullish outlook, I think it’s too early for a bearish reversal scenario. Today I will pay attention to any reaction around 1.4595 area. Break below that area could be seen as bullish failure while rejection and bounce around that area should keep the bullish scenario intact and give us a good opportunity to place long position with tight stop loss below 1.4595 targeting 1.4800 area.
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