The EURUSD made another downside correction on Friday. On h1 chart below we can see that the pair attempted to push lower, slipped below 1.4688 support area (38.2% Fibo retracement of 1.4479 – 1.4817) but so far further downside pressure was limited . The bias is neutral in nearest term. Price is now moving in a bearish channel indicating that the bearish correction remains intact. Only a violation to the bearish channel should continue further bullish momentum re-testing 1.4850. Immediate support at 1.4688/50 area, which is my key support level for today and I will be watching any reaction around that area before make any decision. Consistent movement below that area could be a potential threat to the bullish outlook and challenging 1.4479 area. Although the bullish scenario also remains intact, note that rejection to move above 1.4850 could be an important technical even in longer term which potentially trigger a significant bearish reversal.
