EURUSD Outlook

The EURUSD was corrected higher yesterday. 2 Hammer candlestick formation I showed yesterday now followed by a bullish candle. A break above trend line resistance and 23 Fib retracement (of 1.4719 – 1.2764) should confirm the bullish reversal scenario targeting 1.3500 area. The bias is bullish in nearest term but major bearish scenario remains valid. Immediate support is seen at 1.3150 followed by 1.3050. Initial resistance at 1.3250 area. A consistent move above that level could trigger further bullish momentum. CCI just cross the 100 line down on hourly chart suggesting a potential downside pressure testing support areas.