The EUR/USD attempted to push higher this week, topped at 1.3590 but as you can see on my h4 chart below the bullish pressure failed to break above the major bearish channel indicating not only the major bearish scenario remains intact, but the bullish correction phase might be over, especially if the minor bullish channel violated to the downside, targeting 1.3100 area next week. However, note that as long as the minor bullish channel hold, the bullish correction scenario should remain intact. The 1.3450/35 support area once again, will be the key level at this phase. We need a consistent move below that area to confirm bearish continuation. Only a violation to the major bearish channel should be seen as bearish failure and new bullish phase targeting 1.3817 even 1.4000 area.

Related Posts:

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