The EURUSD attempted to push lower yesterday, bottomed at 1.3435 but whipsawed to the upside and closed higher at 1.3613. The bias is bullish in nearest term but as you can see on h4 chart below, actually price is still moving in a range area of 1.3450 – 1.3690 indicating consolidation but still within a major bearish scenario.

It’s clear for me that the bearish pressure is loosing some momentum here especially if price break above 1.3690 area today targeting 1.3850 area this week. The 1.3450 area seems to be the nearest term bottom as price has failed to break below that level in the last three week. However, as long as price still move inside the major bearish channel the major bearish scenario is still intact. Immediate support at 1.3570 area. Break below that area could trigger further bearish momentum re-testing 1.3450 key support area.