The EURUSD bearish momentum is paused this week. Price corrected higher, topped at 1.2151 on Friday after hit 1.1876 on Monday. From long term perspective, this upside pullback is nothing but a normal correction since significant bearish movement from 1.5140 in December 2009. On h4 chart below we can see that price is moving inside a bullish channel indicating upside correction phase but found good resistance around the trendline resistance so far. For the upcoming week, the bullish channel and the trendline resistance will be my technical focus. If price able to move consistently above the trendline resistance, further upside correction at least testing 1.2325/50 region can be expected. On the other hand, break below the bullish channel could end this bullish correction phase and continue the major bearish scenario targeting 1.1800 area before testing 1.1600 region. Have a great weekend and see you guys next week.
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