The EURUSD failed to continue its bullish momentum yesterday. As long as stays inside the bullish channel, price remains in a major bullish outlook and overall I still prefer a bullish scenario. However, as you can see on my chart below, we have a valid “head and shoulders” formation on hourly chart suggests a potential short term bearish testing 1.3000 – 1.2950. In order to continue the bullish scenario, we need a clear break above the “head” at 1.3138 testing 1.3170 or higher.
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