The EURUSD attempted to continue its upside pressure this week, topped at 1.2721 but closed lower at 1.2639. Overall we are still in bullish correction phase within the context of major bearish trend. On h4 chart below we can see that price is now struggling around the lower line of rising wedge formation indicating critical technical point. A consistent move below the formation could trigger further bearish pressure testing 1.2465 and could be a serious threat to the bullish correction testing the trendline support. Also, we have CCI bearish divergence which support the bearish view. For me, unless price break below the trendline support, the bullish correction scenario remains intact.
Have a great weekend and see you guys next week.
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