The EURUSD had a bearish momentum yesterday after failed to make a clear break above 1.3400 and hit 1.3234 earlier today. The bias is bearish in nearest term testing 1.3200 – 1.3170 and the lower line of the bullish channel as you can see on my daily chart below. However, from a longer term perspective, buying around the lower line of the bullish channel is a good idea with a tight stop loss. A clear break and daily close below the bullish channel and 1.3170 will be a threat to the bullish scenario and could be an early signal of a bearish reversal outlook challenging the daily EMA 200 and psychological level 1.3000. Immediate resistance is seen around 1.3300. A clear break above that area could lead price to neutral zone in nearest term but need a clear break and daily close at least above 1.3350 to interrupt the current bearish correction phase and keep the major bullish scenario remains intact.
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