The EURUSD had a significant bearish momentum this week, slipped below the triangle as a part of the bearish scenario after made a false breakout above the triangle last week as you can see on my daily chart below. Four consecutive bearish candles simply suggest strong and consistent bearish momentum, challenging the lower line of the bullish channel and 1.4000 key support area. A violation to the bullish channel and movement below 1.4000 not only could continue the bearish phase since the bearish pullback from 1.4939 but also could be an early signal of a major bearish reversal scenario. On the upside, immediate resistance is seen around 1.4300 followed by 1.4400. My intraday bias remains in a bearish mode and hopefully the current consistent intraday momentum and direction will continue at least touch the lower line of the bullish channel and 1.4000 region.
Have a great weekend and see you guys next week.
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